1048 GMT - European luxury companies could have a difficult quarter, Jefferies analysts say in a note to clients. "The shaping up of luxury quarterly consensus expectations is proving an especially painful process this 3Q," they say. Concerns over a weakening Chinese demand backdrop and constrained access to the Middle Eastern travel hub are among the challenges that continue to drag on the industry, they say. The war in Iran is affecting both local demand and international tourism, as the Middle East is a key air connection point for Asian tourist flows to Europe, the analysts add.