SINGAPORE, Aug 22 Reuters Oil fell for a fifth day in a row on demand jitters on Thursday, stocks were subdued in Asia, and the dollar hovered near oneyear lows as Federal Reserve minutes signalled that U.S. interest rate cuts are set to begin in a few weeks39; 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 year39;s low, having lost nearly 6 in August so far as China39;s demand outlook weakens and looming rate cuts signal an expectation of a U.S. slowdown.

Stocks, after a phenomenal rebound from earlymonth lows, were also kept in check, with U.S. and European futures down about 0.1, and MSCI39;s broadest index of AsiaPacific shares outside Japan 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 SP 500, is back near the alltime high and risk compensation is poor.

Trade was thin in China and major indexes notched small losses, with electric vehicle stocks wobbly on tariff risks. Hong Kong39;s Hang Seng rose 0.5, helped by an 8 gain in shares of electronics maker Xiaomi after upbeat results.

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