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Ammon News - Oil fell for a fifth day in a row on demand jitters on Thursday, stocks were subdued in Asia, and the dollar hovered near one-year lows as Federal Reserve minutes signalled that U.S. interest rate cuts are set to begin in a few weeks' time.
The minutes validated bets on a rate cut next month and said the "vast majority" of policymakers felt that if data came in as expected, a September cut was likely to be appropriate.

Oil prices fell, however, and at $75.97 a barrel, Brent futures were near the year's low, having lost nearly 6% in August so far as China's demand outlook weakens and looming rate cuts signal an expectation of a U.S. slowdown.

Stocks, after a phenomenal rebound from early-month lows, were also kept in check, with U.S. and European futures down about 0.1%, and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) mostly flat.

"The first 200 days following the first rate cut tend to be challenging for equities, because it signals a deteriorating growth and profits environment," said Nick Ferres, CIO at Vantage Point Asset Management in Singapore.

"The context is that the global risk proxy, the S&P 500, is back near the all-time high and risk compensation is poor."

Reuters