Asian equity markets remain under pressure after yesterday evening’s Fed minutes of the July meeting pointed to inflation risks and the possibility of further interest rate hikes. Concerns about China’s economic prospects, including its property sector, also persist. Australia’s unemployment rate, meanwhile, rose more than forecast to 3.7% in July from 3.5% in June. Markets currently attach a low probability to a September Fed hike, but US interest rates are expected to remain in restrictive territory for a while, with interest rate cuts not priced in until next spring at the earliest. In the absence of major UK data ... (full story)