0957 GMT - Shares in Swiss luxury-watch companies Richemont and Swatch rose after the Swiss central bank cut its key interest rate in a move to strengthen the franc and protect exporters from rising trade uncertainty. The Swiss watch industry has had a decline in exports of its timepieces, mainly due to a significant drop in shipments to mainland China offsetting growth in the U.S. The Swiss National Bank cut the rate to 0.5% from 1%, exceeding economists' expectations. Shares in Richemont are up 1.6% at 135.75 Swiss francs, while Swatch trades 0.7% higher at 165.75 francs. Switzerland's blue-chip index SMI is up 0.3%. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
December 12, 2024 04:57 ET (09:57 GMT)
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