Morning Brief

Bank Negara Malaysia kept the Overnight Policy Rate at 2.75 per cent at its last policy meeting of the year, as most economists had expected. But interbank rates have risen about 30 basis points this year even with the OPR unchanged, a minimum wage increase is due next year, and US Treasury yields have fallen after the midterms. We speak to Khoon Goh, Head of Asia Research at ANZ, about what drove the decision, what the gap between market rates and the policy rate tells us, and where Malaysian interest rates could head in 2027.

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Can the court block a story that’s not been published? Emmanuel Samarathisa, founder of The Malaysianist, joins The Morning Run to to unpack the legal fight between corporate figure Datuk Seri Farhash Wafa Salvador and global news wire Bloomberg.

The former political secretary to the Prime Minister sued Bloomberg over an article that hadn’t been published yet and won an ex parte injunction restraining publication until November 16. Emmanuel talks to us about the landmark 1891 Bonnard v. Perryman rule and how it sets a high bar on pre-publication restraint.

He also examines Farhash’s boardroom ascent and previews the three critical arguments to watch when Bloomberg challenges the injunction on November 16.

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New Zealand heads to the polls with National and Labour closely matched, raising the prospect of another election decided by smaller parties and coalition negotiations. Prime Minister Christopher Luxon faces scrutiny over rising unemployment and his government's economic record, while Labour's Chris Hipkins is seeking a political comeback. Independent political analyst Grant Duncan examines voter disillusionment, the competing economic agendas and the influence of smaller parties in determining the next government. We also explore how New Zealand's relationships with China, the United States and Australia could shape its political direction, and the challenges awaiting whoever takes power.

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Inflation across Southeast Asia is charting an increasingly divergent course, with headline figures ranging from a moderate 1.8% in Malaysia up to a sharper 7.8% in the Philippines. While targeted fuel subsidies and domestic price controls have shielded households in economies like Malaysia and Indonesia, rising second-round cost pressures and currency fluctuations are prompting regional central banks to quietly tilt toward a more hawkish posture heading into 2027.

Lavanya Venkateswaran, Senior ASEAN and India Economist at OCBC Bank, joinsThe Morning Run to unpack the region's diverging macroeconomic landscape.

She explains why price shocks are hitting economies unevenly, evaluates the three transmission channels of the ongoing AI and data center boom, and addresses why the gains risk remaining heavily concentrated rather than lifting entire economies. Plus, she weighs in on the medium-term trade implications of the US midterm election results for pending semiconductor tariffs.

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Gold has shed about a quarter of its value since the US-Iran war began in February, but central banks are buying at their fastest pace in almost two years, with third-quarter purchases up 42%. China and India account for more than half of all buying, while Russia is the only major seller. Jewellery demand has also slumped to its weakest since 2000. Is central bank demand enough to turn prices around, and why is gold trading more like a stock than a safe haven? We speak to Christopher Wong, Precious Metals Strategist at OCBC Bank Singapore.

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Democrats have just taken both chambers of Congress, and the damage reaches deep into territory Republicans thought was safe. Texas now has its first Democratic governor in more than three decades, after James Talerico beat Ken Paxton for the Senate seat and Gina Hinojosa flipped the governorship. Donald Trump says he'll work with Democrats, but he's also calling himself a potential "king of vetoes." Washington just got a lot more complicated.

Dr Kathryn Robison of the United States Studies Centre unpacks what the result does and doesn't change: why Trump keeps sweeping foreign policy powers even as his domestic agenda stalls, whether Texas is now a genuine 2028 battleground, and what the Hispanic vote's swing says about where American politics is heading. She also traces the cracks opening up around JD Vance and the MAGA movement's future inside the GOP. Along the way: what the night signals for the US relationship with Israel, and why neither party may want impeachment anywhere near the agenda.

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Contesting 16 out of 28 state seats in the Melaka polls, Parti Bersama Malaysia enters the race as the third-largest contender behind Barisan Nasional and Pakatan Harapan. Backed by a six-point manifesto, Ibrahim Sani, Official Spokesperson of Parti BERSAMA Malaysia, joins The Morning Run to outline the party's electoral strategy and hopes.

He responds to concerns that Bersama will split the opposition vote to Barisan Nasional's advantage, details what a realistic electoral breakthrough looks like for their candidates, and addresses how the party is navigating the fallout from Nik Nazmi's controversy on the campaign trail.

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US voters have just delivered what one guest calls more than a blue wave. Democrats have retaken both chambers of Congress, Texas returned not a single statewide Republican win, and Kansas elected a Democrat senator for the first time since 1932. Donald Trump stays in the White House for two more years, but the verdict on his tenure so far looks unusually brutal.

Steven Okun, founder and CEO of APAC Advisors, breaks down why he thinks this result amounts to a repudiation rather than an ordinary change election, and the "two A's" he says Democrats now have to balance in Congress. He weighs how much real power the new Congress has over Trump's tariff agenda, and what's actually on the table for investigation when it comes to the Iran war and its costs to American households. Along the way: why he doesn't expect any of this to make Trump moderate.

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India's economy is growing at more than 7%, yet its stock market remains one of Asia's worst performers this year. With valuations falling below historical averages, could this be an opportunity for investors, or are there deeper problems behind the selloff? Nitin Chanduka, Emerging Markets Equity Analyst at Bloomberg Intelligence, examines why Indian equities are struggling despite strong economic growth and improving corporate earnings. We also explore India's limited exposure to the global AI boom, emerging investment opportunities linked to the technology, the significance of Jio Platforms' IPO and which sectors could lead a market recovery.

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Australia’s central bank has raised interest rates to 4.85%, their highest level in 18 years, as stubborn inflation continues to challenge policymakers. Despite five rate hikes this year, rising energy costs, weak productivity and persistent domestic price pressures are keeping inflation above target. Hebe Chen, Senior Market Analyst at Vantage Markets, examines why inflation remains difficult to control, whether further tightening is inevitable and how much economic weakness the Reserve Bank of Australia is prepared to tolerate. We also explore the implications for employment, economic growth and the outlook for Australian interest rates heading into 2027.

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