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Asian, European Markets Post Gains Despite Slowing Chinese Economy

Stock markets in Asia and Europe are posting gains Thursday, despite warnings China's economy is slowing down.

A Chinese government spokesman says an increase in bankruptcies and production cuts will likely cause large-scale unemployment.

Oil prices continued their decline in Asia, falling more than a dollar to just over $53 a barrel.

India closed its markets following a terrorist attack in its financial center, Mumbai.

U.S. markets are closed Thursday for the Thanksgiving holiday. But investors will likely watch Friday's U.S. retail figures closely. The day after Thanksgiving is one of the biggest U.S. shopping days of the year.

Wednesday, European Commission President Jose Manuel Barroso unveiled a set of ambitious proposals for EU states to extend welfare and unemployment benefits, cut taxes, and hand six-point-five billion dollars to struggling European auto makers.

Most of the funding, (about $220 billion) would come from national governments. Member states will debate the proposals in December.

British Prime Minister Gordon Brown announced that Britain will host the next G-20 meeting of key industrialized and developing nations in April. Mr. Brown said U.S. President-elect Barack Obama has already confirmed he will attend the summit.

Britain reported Wednesday that its economy shrank by one-half of one percent between July and September -- its first decline in 16 years.