New York — Tiffany & Co shares soared on Tuesday after improving sales in China and Japan signalled that the worst of the global luxury market’s downturn may be over. Better-than-expected earnings followed an upbeat report from LVMH and Kering, the owner of Gucci. Still, not everyone in the industry is optimistic. Richemont, the maker of Cartier jewellery, reported a 51% drop in first-half profit this month, and Swiss watch exports are suffering their worst slide in seven years. Tiffany had been contending with weaker spending in Asia and slower tourism after terrorist attacks in Paris. The company responded by introducing more products and trying to keep its costs and inventory in check. "The results are definitely better," said Seema Shah, an analyst at Bloomberg Intelligence. "It’s a good sign." The shares climbed as much as 8% to $84.40 in New York, the biggest intraday gain since August 25. Tiffany had advanced 2.4% this year through Monday.
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