Major stocks in US, Europe close lower

U.S. stocks closed lower on Wednesday as the newly released data on third-quarter GDP fell short of expectations, while major stocks in Europe also dipped as investors remain wary of UK budget cuts on the horizon.

According to data released on Wednesday, the U.S. GDP in the third quarter grew by 2.8 percent on an annualized basis, slowing slightly from 3 percent growth the previous quarter. Markets were also still awaiting earning reports from more tech companies on the day.

The Dow Jones Industrial Average fell by 91.51 points, or 0.22 percent, to 42,141.54. The S and P 500 sank 19.25 points, or 0.33 percent, to 5,813.67. The Nasdaq Composite Index shed 104.82 points, or 0.56 percent, to 18,607.93.

Six of the 11 primary S and P 500 sectors ended in the green, with communication services and financials leading the gainers by growing up 0.99 percent and 0.42 percent respectively. Meanwhile, technology and consumer staples led the laggards by dropping 0.34 percent and 0.26 percent, respectively.

Shares of Super Micro Computer, Inc., tumbled 32.7 percent on Wednesday after Ernst & Young resigned as its auditor, citing concerns about its corporate governance and transparency and questioning its commitment to integrity and ethics, according to media reports.

U.S. social media giant Meta Platforms, Inc., the owner of Facebook, on Wednesday reported financial results for the third quarter ending Sept 30, with a total quarterly revenue of 40.59 billion U.S. dollars, a 19 percent increase year on year.

The company expects fourth-quarter 2024 total revenue to be in the range of 45 billion to 48 billion U.S. dollars.

These data are both higher than analysts' expectations, but its metauniverse business is still suffering serious losses with the growth of active users falling short of expectations.

Affected by complex factors, Meta shares fell by more than three percent after hours on Wednesday.

Mark Zuckerberg, Meta founder and CEO, said that the company "had a good quarter driven by AI progress across our apps and business," adding that Meta will increase its investment in AI.

In the European market, investors are continuing to weigh the latest corporate earning reports, while some are concerned about the budget challenges facing the British Chancellor of the Exchequer Rachel Reeves, who accepted a tax-raising budget on Thursday.

The three major stock indexes in Europe closed down on Wednesday.

The British FTSE 100 Index closed at 8,159.63 points, down 59.98 points, or 0.73 percent. The Paris CAC 40 closed at 7,428.36 points, down 82.75 points, or 1.10 percent. Germany’s DAX Index closed at 19,257.34 percent, down 220.73 points, or 1.13 percent.

Conversely, oil prices climbed on Wednesday, reversing the trend of decline in the previous two trading days.

The West Texas Intermediate for December delivered gained 1.40 U.S. dollars, or 2.08 percent, to settle at 68.61 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased by 1.43 dollars, or 2.01 percent, to settle at 72.55 dollars a barrel on the London ICE Futures Exchange.

Amin Nasser, President and CEO of Saudi Arabian Oil Company, commonly known as Saudi Aramco, said Wednesday that the global oil market is expected to remain stable, predicting that the global average daily oil demand this year will be 104.5 million barrels, higher than the International Energy Agency's earlier forecast of 102.8 million barrels.

Gold prices on Wednesday hit a record high, with the most actively traded gold futures for December delivery on the New York Mercantile Exchange rising 0.71 percent to 2,800.80 U.S. dollars per ounce.

The latest data from the World Gold Council showed that global gold demand grew by about five percent in the third quarter this year, the highest on record for the same period.

With the approach of the global central banks' interest rate cut cycle, the council expects that the future global gold allocation will further increase. In addition, the uncertainty of the situation in the Middle East and the U.S. election next week has further increased the attractiveness of gold as a safe-haven asset to investors.

Major stocks in US, Europe close lower

From cutting-edge technology exhibitions to retail stores thousands of kilometers away from Europe and Southeast Asia, China-made robot vacuum cleaners are increasingly becoming a popular choice among consumers worldwide.

At electronics retailers in Berlin, Germany, Chinese brands such as Roborock and Dreame occupy prominent positions in dedicated robot vacuum sections, offering a wide range of products priced between 200 and 2,000 euros.

Many local consumers said that when purchasing smart home appliances including robot vacuum cleaners, they tend to give priority to Chinese-made products.

"It's a good price and good quality. It's also the innovation. I have a feeling that the European brands are not innovating enough," said one customer.

"I think they're always on top of the other technologies. They are getting them out faster. A lot of us are switching to the Chinese technology," another consumer said.

Germany is one of the most important overseas markets for China's floor-cleaning robots.

According to data from market research firm GfK, from January to November 2025, more than six out of 10 robot vacuum cleaners sold in Western Europe were Chinese brands.

Industry data also point to a strong global momentum.

According to the International Data Corporation (IDC), global shipments of smart robot vacuum cleaners reached 17.424 million units in the first three quarters of 2025, representing a year-on-year increase of 18.7 percent.

Chinese brands including Roborock, Ecovacs, Dreame, Xiaomi and Narwal ranked among the world's top five in terms of shipment volume, with a combined share of nearly 70 percent of the global market.

At a robot vacuum cleaner manufacturing plant in Huizhou, south China's Guangdong Province, workers were seen stepping up production of newly launched models that recently debuted at the Consumer Electronics Show in the United States, which concluded Friday in Las Vegas, Nevada.

The factory adjusted its production lines as early as December 2025 and stocked inventory in advance for overseas markets to ensure that new products could be delivered to global consumers at the earliest possible time.

"In 2025, Roborock's global shipments exceeded 7.2 million units. Since 2024, overseas revenue has accounted for more than 50 percent of our total revenue. Our products have now been sold to more than 170 countries and regions, serving more than 20 million households worldwide," said Quan Gang, president of Roborock.

At another robot vacuum cleaner manufacturing facility in Dongguan, Guangdong, rising overseas orders have prompted the company to upgrade its production lines with intelligent technologies to further boost capacity. The factory is currently operating at full load to meet a growing demand.

"For 2026, we have already obtained overseas orders worth at least 300 million to 400 million yuan (around 43 million to 57.3 million U.S. dollars). In addition, we've engaged in strategic cooperation with European home appliance group Cebos Group, and our total confirmed orders have exceeded 600 million yuan (around 86 million U.S. dollars)," said Zhang Junbin, founder and CEO of Narwal Robotics.

Chinese robot vacuum brands gain strong global traction