Luxury, Swiss watchmaker shares take a hit from new U.S. tariffs [Yahoo! Finance Canada]
SWATCH GROUP AG UNSP/ADR (SWGAY)
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Source: Yahoo! Finance Canada
President Donald Trump announced new tariffs, including on goods from the European Union and Switzerland. The European Union was targeted with a 20% rate, while Switzerland with a 31% rate - both important markets for luxury. JPMorgan analysts said in a note they expected to see the most pressure on the Swiss watchmakers given high import duties, with both Cartier owner Richemont and Swatch Group already on thin margins. Richemont was down 4%, Swatch Group shed 4.3% at 0715 GMT. Jewellery maker Pandora dropped around 13% to its lowest in more than a year on a 36% tariff for Thailand, which JPMorgan said was its sole sourcing country. Burberry was down 4.3%, Gucci owner Kering around 3%, LVMH slipped 2.9%. (Reporting by Anna Pruchnicka, editing by Alun John) Recommended Stories
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News
- Swatch Group, Citizen Watch Investigated by Italian Competition Authority Over Pricing Practices [Yahoo! Finance]Yahoo! Finance
- US investor Wood lambastes Swatch, proposes overhaul to company's board, FT reports [CNBC]CNBC
- Could Easing US Tariffs Reveal a Competitive Advantage for Swatch Group (SWX:UHR)? [Yahoo! Finance]Yahoo! Finance
- Swiss watchmaker stocks rally as Trump dangles relief from steep 39% US tariff [Yahoo! Finance]Yahoo! Finance
- U.S. and Switzerland working on a deal to slash 39% tariffs [CNBC]CNBC