Morning Brief

As Melaka heads to the polls on November 14, DAP must defend its existing strongholds while contesting three additional seats allocated under the Pakatan Harapan banner. This comes as the entry of Bersatu and Bersama shifts the electoral arithmetic, introducing multi-cornered vote-splitting into what were once predictable races.

Kerk Chee Yee, DAP Melaka Publicity Secretary and candidate for N16 Ayer Keroh, joins The Morning Run to unpack the party's strategy.

He explains why DAP opted to retain incumbents in core urban seats while deploying familiar community ground teams in previously lost constituencies. He also addresses why Ayer Keroh is no longer guaranteed safe territory under a four-way contest, weighing the risk of new entrant Bersama cannibalising Pakatan Harapan's base against Bersatu’s potential to disrupt Malay voter support from 2021.

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Malaysia’s manufacturing sector returned to expansion in October, with the S&P Global PMI climbing to 51, its strongest reading since April. New orders surged at one of their fastest rates in four and a half years on the back of resilient export demand, yet manufacturers' business confidence dropped to a six-month low.

Jacob Lee Chor Kok, President of the Federation of Malaysian Manufacturing (FMM), joins The Morning Run to unpack this disconnect.

He explains how the rebound is concentrated in AI-linked sectors such as electrical and electronics (E&E) and semiconductors, while traditional industries like textiles, furniture, and food processing grapple with squeezed margins and regional competition.

He also breaks down why persistent supply chain disruptions and geopolitical fallout in West Asia are forcing factories to abandon "just-in-time" supply chains for a "just-in-case" inventory approach.

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Hong Kong's stock market is facing a sharp divide between its success in attracting new listings and the disappointing performance of Chinese companies already trading there. The Hang Seng Tech Index has fallen more than 30% this year, even as Hong Kong ranks among the world's leading IPO markets. Yuan Yiu Tsai, Equity Portfolio Manager at Eastspring Investments, examines why Chinese stocks listed in Hong Kong are underperforming their mainland counterparts, what's behind the technology sector's weakness and why companies continue to seek listings in the city. We also explore the slowdown in IPO performance and where investors might find opportunities.

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Melaka heads to the polls on November 14, with 79 candidates competing for 28 state assembly seats in an election featuring straight fights and multi-cornered contests. With Barisan Nasional seeking to retain power, Pakatan Harapan looking to make gains and Perikatan Nasional facing a changing political landscape, how will shifting alliances and divided votes shape the contest? Adib Zalkapli, Managing Director of Viewfinder Global Affairs, examines the key battlegrounds, the significance of PAS aligning with BN, and the challenges facing emerging political parties. We also explore the local issues and voter concerns that could influence the outcome.

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A reported US$6 billion cryptocurrency heist at Binance, the world's largest crypto exchange, has raised serious questions about the security of digital assets and the protection available to investors. Although Binance says it has recovered 90% of the stolen funds and will cover remaining losses, the incident has renewed concerns about vulnerabilities across the industry. Zhong Yan Chan, Head of Research at CoinGecko, examines how such attacks happen, what investors should look for when choosing an exchange, and whether using a locally regulated platform offers Malaysians greater protection. We also explore what the industry must do to restore investor confidence.

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Located just 50 kilometres from the northern tip of Sabah, the Philippine island of Balabak is undergoing a military expansion, including a 3KM airstrip accessible to US forces under the Enhanced Defence Cooperation Agreement (EDCA).

Dato' Dr Ilango Karuppannan, former Malaysian ambassador and adjunct senior fellow at the S. Rajaratnam School of International Studies (RSIS), joins The Morning Brief on The Morning Run to unpack the development.

He explains why the primary concern lies in indirect economic disruption and diplomatic coercion rather than a direct military strike, how an enhanced naval presence could also deter regional piracy, and what happens to Balabak's infrastructure if shifting geopolitical tides leave it entirely in Manila's hands.

Drawing on past precedents like the Proliferation Security Initiative, he examines whether Malaysia's non-aligned stance can withstand direct superpower confrontation.

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When Prime Minister Datuk Seri Anwar Ibrahim revisited the corporate fallout of the late 1990s Asian financial crisis in Parliament, he framed the exits of prominent business figures as the work of a "corporate mafia" run by political rivals.

Emmanuel Samarathisa, founder of The Malaysianist, joins The Morning Run to unpack the Prime Minister’s trip down memory lane.

He breaks down the resilient nature of family-controlled capital, how corporate patronage has modernised from direct asset transfers into institutional influence, and why Masayoshi Son’s US$50 billion AI pledge demands healthy skepticism given SoftBank's history of walking away from grand announcements.

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Malaysia wants to double renewables’ share of Peninsular Malaysia’s energy mix, from 11% in 2025 to 22% by 2035. Data centres must now source at least 30% of their energy from renewables and meet a 30% local content requirement. Ahmad Maghfur Usman, Equity Research Analyst at Nomura Securities, explains what this means for utilities, data centre operators and the supply chain, the outlook for Tenaga Nasional’s earnings and dividends, and his top picks in the sector.

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Indonesia is facing a wave of student-led protests over the government's handling of devastating forest fires, with public anger extending to spending priorities, employment and civil liberties. As haze spreads across Southeast Asia, President Prabowo Subianto faces growing scrutiny over his environmental policies and flagship programmes, including free school meals. Southeast Asia-based journalist Erin Cook examines what is driving the demonstrations, whether younger Indonesians are becoming disillusioned with the government, and how Prabowo is responding to mounting criticism. We also explore whether these protests could develop into a sustained political movement ahead of the 2029 election.

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The US Federal Reserve has held rates at 3.75% to 4% with inflation still above target, and two officials pushing for a hike. With the midterm elections on 3 November and growing questions over the returns on AI spending, investors face a crowded risk landscape. Lawrence Hatheway, Head of Research at Franklin Templeton Institute, discusses what is priced in, whether a divided Congress helps or hurts markets, and where the opportunities lie heading into 2027.

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Israel's election has produced no clear winner, with Benjamin Netanyahu's bloc falling short of a parliamentary majority and Arab parties emerging as potential kingmakers. As coalition negotiations intensify, the possibility of a government led by Gadi Eisenkot raises questions about Israel's political direction and its relationship with the Palestinians. Dr James Dorsey, Adjunct Senior Fellow at the S. Rajaratnam School of International Studies, examines Netanyahu's chances of remaining in power, the role Arab parties could play in forming a government, and whether a change in leadership would alter Israel's security policies, relations with Washington and efforts to rebuild an economy battered by years of war.

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Malaysia is finalising nationwide guidelines for short-term rental accommodation, with proposed requirements for operator registration, local authority licensing and a 180-night annual rental limit. But could tighter regulation undermine property investments and restrict owners' ability to generate rental income? Ai Cheng Chan, Past President of the Malaysian Institute of Estate Agents and CEO of SKB Realty, examines the implications for property owners, condominium residents and booking platforms. We discuss compliance costs, enforcement challenges, potential legal disputes and whether the proposed framework can strike a fair balance between protecting residents and supporting Malaysia's short-term rental market.

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Malaysia's producer prices surged 12% year-on-year in September, driven by soaring global oil prices and rising costs in mining and manufacturing. Yet consumer inflation remains relatively subdued, with businesses absorbing much of the pressure through thinner profit margins. Nazmi Idrus, Head of Economics at CGS International Securities, examines how long companies and government subsidies can shield consumers from higher prices, and whether inflationary pressures could eventually force Bank Negara Malaysia to raise interest rates. We also discuss weakening factory activity and whether Malaysia's stronger-than-expected economic growth can withstand these mounting cost pressures.

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South Korea’s economy grew faster than expected in the third quarter, fuelled by booming demand for AI chips and stronger equipment investment. John Bromhead, Senior Economist at Moody’s Analytics discusses these numbers against a backdrop of contracting private consumption contracting, and what this means for interest rates and the outlook ahead.

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PAS is seeking to strengthen its economic credentials through SG4, an initiative bringing together Kedah, Kelantan, Terengganu and Perlis to attract investment and accelerate development. With ambitions spanning manufacturing, green technology, logistics and infrastructure, the four states hope to establish themselves as alternative investment destinations to Selangor and Johor. But can these plans move beyond memorandums of understanding to deliver tangible results? We examine SG4's funding strategy, opportunities arising from the East Coast Rail Link, the challenges of federal-state cooperation and whether the initiative can generate sustainable economic growth and jobs.

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Americans head to the polls on Nov 3 in elections that will determine whether Donald Trump’s Republicans retain control of Congress. Bryan DeAngelis, Partner and Head of the Washington Office of Penta Group shares his views on what's at stake for all parties with inflation, the economic fallout from the Iran war and concerns over election integrity dominating the campaign.

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China’s CSI 300 has slipped into bear market territory, wiping out trillions of dollars in market value as mainland equities lag behind other major Asian markets. Marvin Chen, an equity analyst at Bloomberg Intelligence share his outlook on Chinese equities' valuations with corporate earnings under pressure and the country’s tech stocks losing ground as well as if valuations are now attractive enough to draw investors back.

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Melaka's 28 state seats are up for grabs when polling day takes place Nov 14th. Its election is also shaping up to be an important test of Malaysia’s political alliances ahead of GE16, with Barisan Nasional, Pakatan Harapan and Perikatan Nasional negotiate seat allocations. Dr Oh Ei Sun, Principal Adviser at the Pacific Research Centre, shares his analysis on these developments.

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Luiz Inácio Lula da Silva has secured a historic fourth term as Brazil's president, narrowly defeating Flávio Bolsonaro in a closely contested runoff. But with Bolsonaro challenging the result and conservative parties strengthening their position in Congress, Lula faces a difficult political landscape. We examine what the election reveals about Brazil's deep divisions, whether Lula can deliver on his economic and social promises amid mounting public debt, and how his victory could reshape relations with the United States. With no clear successor emerging, questions also remain about the future of Lula's Workers' Party and the enduring influence of the Bolsonaro movement.

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This year's haze is worse than usual, and pressure is hitting palm oil and forestry producers from three directions at once. Khor Yu Leng, Director and Senior Economist at Segi Enam Advisors, joins The Morning Run to unpack those forces.

She discusses why satellite hotspots show where a fire started but not who lit it, breaks down the severe drought driving the blazes, explains why palm oil yields could drop months down the line, and questions whether Singapore's legal notices can move the needle without cooperation from Jakarta.

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