0953 GMT - Exports of Swiss watches declined in February, which might fuel investor concerns around moderation in demand for luxuries in the U.S., RBC Capital Markets analyst Piral Dadhania says in a note. Total exports fell 8.2% during the month, compared with the same period in the prior year. The performance in February recorded broad-based weakness across regions, the analyst says. Exports to the U.S. declined 6.7%. The country is the leading market for watch exports and it was set to become a growth driver for luxury companies amid the broader slowdown in demand and weakness in China. Richemont and Swatch Group trade 2.7% and 3.7% lower, respectively. Shares in Watches of Switzerland fall 2.8%. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
March 20, 2025 05:53 ET (09:53 GMT)
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