1045 GMT - Swiss watch exports had a smooth start to 2025, but no rebound is expected this year, Vontobel analyst Jean-Philippe Bertschy says in a note. Total exports in January grew 4.1% on year to 1.99 billion Swiss francs, according to data from the Federation of the Swiss Watch Industry. Vontobel had expected a low single-digit decline. Despite a return to growth in January, consensus on China remains very cautious, while uncertainties surrounding possible tariffs in the U.S. will weigh on the sector, he says. Vontobel prefers Richemont, due to its presence in the fast-growing jewelry sector. Meanwhile, Swatch Group is highly exposed to China and to the low-price segment, which are still subdued. Shares in Richemont and Swatch jump 1.2% and 3.3%, respectively. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
February 20, 2025 05:45 ET (10:45 GMT)
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