BUZZ-Next: worst thing on FTSE 100 as broker downgrades

** Exane BNP Paribas downgrade to "underperform" on Next (EUREX: NXTI.EX - news) sends stock to bottom of FTSE 100 as broker becomes more cautious on investment cases predicated on UK consumer strength

** Casting a shadow over sector at large: August worst month for British retail sales since 2008, accountancy firm BDO says; UK retailer John Lewis says dept store sales down 3.4% in latest week v a year earlier

** BDO head of retail & wholesale said high street lost out partly because spend has been diverting to leisure -- something Exane highlights in its note on retailers

** Exane says UK consumer tailwinds are fading; fiscal drag & stabilising commodity costs set to weigh on cashflow from here; sector LFL set to slow from c.+3% to c.+1%

** Next (Other OTC: NXGPF - news) down 3% (4th-most actively traded UK blue-chip stock); Dixons Carphone (Other OTC: DSITF - news) , whose TP the broker cuts by 7% to 510p, 2nd-top FTSE 100 faller (though co remains one of Exane's top picks in sector)

** On Wednesday British car parts and bicycle retailer Halfords blamed wet August weather for a sharp fall in cycle sales

** BDO retail & wholesale head said last week of August was cold and wet enough to make people think about autumn, helping to provide a sales uplift for fashion retailers that week (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)