Swatch shares rose sharply on Wednesday afternoon. After jumping to 151 francs, they were last up 4.4 percent at 147.55 francs. Several traders cited reassuring statements in a conference call on US business. The watch group assured that the market was developing strongly. They also stated that tariffs were manageable. There was no official press release from Swatch or presentation material.
In Swatch's wake, shares of luxury goods manufacturer Richemont gained three percent at the top of the SMI . Shares of French competitors LVMH and Hermes occupied the top spots in the EuroStoxx 50 with gains of 3.2 percent and 2.2 percent, respectively. Kering rose by 2.4 percent. On the London Stock Exchange, Burberry gained 2.9 percent.
In Frankfurt, shares of sportswear manufacturer Puma rose by 2.9 percent, while those of domestic rival Adidas gained only 0.6 percent. Puma had already been boosted at the beginning of the week by reports of a possible exit of the Pinault family, which holds a 29 percent stake in the company. After the setback on Tuesday, the shares are still trading below their Monday high despite the current rise.
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