0958 GMT - LVMH's results reflect a challenging market backdrop for most luxury companies, Deutsche Bank's Adam Cochrane says in a note. The French luxury-goods giant missed already modest expectations at its core fashion and leather goods business, pointing to soft demand from Chinese consumers, he says. While the problem seems to be cyclical rather than structural, "it is hard to see what could change investor sentiment in the short term," the analyst adds. The read-across from the print is negative for most names, but especially for Kering, Hermes and Burberry, with Richemont likely to be less impacted, the bank says. Shares in LVMH are down 2.1%.