Swatch Group shares hit their highest level in nearly two-and-a-half years after the world’s biggest watchmaker said it expected a recovery in luxury demand from China. The maker of high-end Omega, Tissot and Longines timepieces as well as its eponymous mass-market plastic watches said sales in China in January had already exceeded the high levels seen in January 2022. The Swiss company said it expects record sales in 2023 boosted by the return of demand in China, Hong Kong and Macau, which was hit by the return of COVID-19 cases last year, and as Chinese tourists resume their travels.