Cartier owner Richemont says "yellow vest" protests in France weighed on its sales at the end of 2018, but it signalled healthy momentum in China that could bode well for some luxury-goods rivals. Investors are on edge over worries that the Chinese appetite for big-ticket items could wane as its economy slows, particularly after an Apple warning last week over weaker iPhone sales in the country. Further clouding the picture is a shift in spending patterns as Chinese consumers, squeezed by a falling yuan, start spending more at home, creating uncertainty for overseas shopping destinations. Richemont, the world's second-biggest luxury-goods group, said sales growth had slowed in the three months to December 31 in Hong Kong, for instance, the biggest market in the world for watches. That came on top of problems in France, where a backlash over high living costs led to riots in Paris, which, according to Richemont, "negatively impacted tourism and led to store closures for six consecuti...

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