Oil fell for a fifth day in a row on demand jitters, stocks were subdued in Asia, and the dollar hovered near one-year lows as Federal Reserve minutes signaled 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), opens new tab 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."

Trade was thin in China and major indexes notched small losses, with electric vehicle stocks wobbly on tariff risks. Hong Kong's Hang Seng (.HSI), opens new tab rose 0.5%, helped by an 8% gain in shares of electronics maker Xiaomi (1810.HK), opens new tab after upbeat results.

Surges in pharmaceutical firms Sumitomo Pharma (4506.T), opens new tab and Chugai Pharm (4519.T), opens new tab helped Japanese shares (.N225), opens new tab notch a three-week high in morning trade, as the market recovers from a stunning collapse in early August.

"I think the market's focus for the equity investor is changing a bit recently," said Daiki Hayashi, head of Japan sales and marketing at J.P. Morgan in Tokyo.

"Investors had been buying Japanese equities because they were cheap. Now, recently, we have been having a lot of discussion about single stocks," he said.

"If we started to see more of a growth story for individual companies, we might see another increase in equity prices."