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President-elect Donald Trump is set to meet with House Speaker Mike Johnson on Wednesday as Republicans near control of both Congress and the White House , potentially achieving a full GOP trifecta in Washington. Trump’s agenda includes a speech to House Republicans, coinciding with his planned visit with President Joe Biden at the White House . Republicans are four seats away from a House majority , with 214 seats secured out of the needed 218, according to AP. Although a majority is within reach, it could be narrow , adding challenges for the GOP’s agenda, especially with Trump eyeing congressional members for key roles in his administration. Trump’s Picks and Leadership Contests Trump has chosen Rep. Mike Waltz as his national security adviser and intends to nominate Rep. Elise Stefanik as US Ambassador to the UN. This will create vacancies in their House seats, requiring special elections. In the Senate, Trump ally Senator Rick Scott is challenging John Thune and John Corny...

Malaysia’s Economy Minister Rafizi Ramli stated that the US administration change will not alter Malaysia's commitment to its economic reforms , which are shaped by domestic needs and long-term objectives. While Malaysia monitors global shifts , Rafizi emphasized that structural reforms in key sectors like semiconductors and energy transition are essential to strengthen the economy and ensure future resilience. He noted that US economic policies are influential, but Malaysia’s reforms will remain self-driven. "Regardless of international changes, we will adapt as necessary but stay focused on our own agenda," Rafizi said, adding that Malaysia remains prepared to respond to global shifts from major trading partners, including the US.

Republicans are on the brink of taking control of the US House of Representatives following the November 5 election, a key victory for President-elect Donald Trump’s agenda as he prepares for his return to the White House in January 2025. With 213 seats secured in the 435-member House, Republicans need just five more to maintain control, while Democrats have won 205 seats so far. Control of the Senate has also shifted to Republicans, despite a Democratic win in Nevada. This potential House control, coupled with Trump’s presidential victory, would empower Republicans to advance major policy priorities, including tax cuts, deregulation, and tighter border security. The remaining 17 seats are in competitive districts, with the pace of vote-counting slower in Western states. Republican senators are set to decide their leadership for 2025 next week, with John Thune , John Cornyn , and Rick Scott in the running. Cornyn vowed to keep the Senate in session until Trump’s cabinet is confirm...

US President-elect Donald Trump announced on Saturday that Nikki Haley , the former South Carolina governor and UN ambassador, and Mike Pompeo , former Secretary of State and CIA Director, will not be invited to join his second administration. In a social media post, Trump expressed gratitude for their past service, stating, "I very much enjoyed and appreciated working with them previously, and would like to thank them for their service to our country." Trump, currently forming his administration ahead of his January 20 inauguration, has been meeting with potential cabinet members. Nikki Haley , who endorsed Trump for president despite their past differences, expressed her support on social media, wishing him success in moving America forward. Mike Pompeo , previously considered for defense secretary, has declined to comment on the decision.

Donald Trump has officially won Arizona , the final battleground state to be decided in the US presidential election , completing a clean sweep of all seven swing states . The Associated Press (AP) called the state for Trump on Saturday night (Nov 9) , as his current lead of about 185,000 votes in Arizona rendered it out of reach for Vice President Kamala Harris . Arizona, which was flipped by Joe Biden in 2020, had long been considered a key battleground. Trump’s victory here, along with its 11 electoral votes , brings his total to 312 , while Harris stands at 226 . Other battleground states won by Trump include Georgia , Michigan , Nevada , North Carolina , Pennsylvania , and Wisconsin . Trump’s Strong Position for Economic Priorities Emerging from Tuesday’s (Nov 5) election with a stronger-than-expected outcome, Trump is now poised to quickly move forward on core economic priorities such as raising tariffs , cutting taxes , and cracking down on undocumented migration . This e...

Amid high political tensions, US states are bolstering security for the presidential election between Donald Trump and Kamala Harris, with measures including fences, drones, and National Guard deployments to prevent potential violence. Key Security Measures: Nevada : A security fence now encircles Las Vegas' vote tabulation center, with 60 National Guard members on standby. Arizona : Maricopa County has added a fence around its tabulation center, with police drones and snipers on alert. Schools and churches are opting out of serving as polling locations due to safety concerns. Michigan : In Detroit, metal detectors and police patrols, including rooftop surveillance, are stationed at the ballot-counting site. Additional States : Oregon and Washington have activated the National Guard. In Washington, DC, storefronts have been boarded up as a precaution. In response to fears of post-election violence, community groups are also taking proactive steps. In Arizona, a bipartisan committee...

Investors withdrew a net US$5.83 billion (RM25.46 billion) from US equity funds in the week leading up to Oct 30, marking the most significant outflow since late September. This retreat was likely fueled by market caution ahead of the US presidential election and the Federal Reserve's policy announcement scheduled for Wednesday. Key Highlights: Growth and Value Fund Selloffs : US growth funds experienced a US$4.06 billion net outflow, the largest since early October, while value funds saw US$2.19 billion in outflows. Sector-specific Flows : Outflows : Industrial (US$779 million), gold and precious metals (US$392 million), and healthcare sectors (US$278 million). Inflows : Consumer discretionary sector attracted a net US$478 million. Bond Fund Inflows : US bond funds recorded inflows for the 22nd consecutive week, with US$7.37 billion invested. Short-to-intermediate investment-grade funds gained US$3.18 billion. Money Market Fund Activity : US money market funds saw net sales of US$...

As the US presidential race between Kamala Harris and Donald Trump tightens, Japan’s yen and stock markets are on high alert, with significant impacts expected based on the outcome. Analysts highlight that a Harris win could bolster the yen due to likely US rate cuts, while a Trump victory may lift Japanese stocks short-term but bring risks of new tariffs that could hurt Japan’s export-reliant economy. If Harris wins, Japan’s yield gap with the US could narrow, strengthening the yen. The dollar-yen might test 150 in such a scenario, according to Nomura Securities. Conversely, a Trump win might see the yen sliding toward 160 , as strategists warn, risking its lowest level against the dollar in nearly four decades. Japanese stocks could enjoy an initial rally under Trump due to his pro-business policies, but new tariffs on trade partners, especially China, could weigh heavily on Japan’s exporters. Trump’s tariff plans, including the potential for 10-20% duties on all imports , threate...

South Korea is reportedly considering a plan to increase its US oil and gas imports if Donald Trump wins the election, which could lead to renewed trade pressures on the country. Officials in Seoul have been strategizing for either a Trump or Harris presidency, with greater trade challenges expected under Trump. In anticipation, South Korea's government may encourage local companies to purchase more US energy to address its trade surplus with America. Currently, around 11% of South Korea’s gas and 17% of oil imports come from the US, and companies like SK Innovation and GS Caltex are among the top importers. With Trump pledging to impose tariffs on imports and increase pressure on trade partners, South Korean officials have been meeting with business leaders to discuss contingency plans. Energy imports offer a relatively flexible area for adjustment due to heavy regulation, enabling the government to gradually boost US oil purchases. Additionally, risks in the Middle East may dr...

The US dollar fell on Monday as polling data showed no clear lead in the US presidential election, easing expectations of a Trump victory that previously bolstered the dollar and Treasury yields. An index tracking the greenback dropped by the most in over six weeks, with major peers like the yen and Australian dollar gaining against it. Treasury futures rose as investors sought stability. The latest poll, showing Kamala Harris ahead by 47%-44% in Iowa , has investors cautious, while the US dollar gauge and 10-year Treasury yields had recently reached highs amid speculation of a Trump win. His support for looser fiscal policy and high tariffs has raised concerns about inflation, potentially impacting Treasuries. Meanwhile, oil prices rose, extending gains as OPEC+ delayed a production hike , and West Texas Intermediate climbed more than 1%. In China, officials announced measures to attract foreign investment in publicly traded firms, just days before the US election, which could...

Global stocks rallied on Friday , fueled by a 6.2% surge in Amazon shares following better-than-expected results, while US 10-year Treasury yields hit a four-month high as investors approached the US presidential election with caution. Key highlights: Treasury yields rose to 4.361% , their highest since July, reflecting caution ahead of Election Day with Republican Donald Trump and Democrat Kamala Harris in a tight race. Amazon's gains offset Apple’s 1.2% dip , with the iPhone maker signaling modest growth in the upcoming quarter. Dow Jones Update : Nvidia will replace Intel in the Dow Jones Industrial Average, further impacting tech stock sentiment. Nvidia shares rose 1.9% in after-hours trading, while Intel dropped 1.4%. Additional market insights: The S&P 500 closed up by 0.41% but ended the week down 1.4%. Oil prices gained slightly due to Middle East tensions, with Brent settling at $73.10 per barrel. Dollar strengthened against the euro and yen, boosted by US jobs dat...

Investors are turning to cash, India, China's markets, and Singapore dollars as they brace for the impact of the upcoming US presidential election on global financial flows. As Asia is highly sensitive to changes in US trade policies, many money managers are steering clear of risky bets and focusing on reducing exposure to vulnerable sectors, such as Japanese manufacturers and Hong Kong stocks . Jon Withaar of Pictet Asset Management highlights China as a stable market with domestic drivers that may be less affected by global movements, while Nick Ferres of Vantage Point Asset Management is staying cautious, maintaining short positions on the yen and focusing on Japanese stocks . With Republican candidate Donald Trump currently leading in betting odds, investors anticipate inflationary pressures and rising interest rates under a potential Trump administration. Meanwhile, India's strong domestic growth and limited exposure to global trade risks make its markets appealing. ...

A recent Bloomberg survey reveals that the wealth of American investors is poised to grow, regardless of whether Donald Trump or Kamala Harris wins the upcoming November 5 election . The survey suggests that stocks are expected to perform well under both candidates, though Trump is viewed as more favorable for Bitcoin and gold , while a Harris presidency could provide a slight relief in housing costs . According to the Bloomberg Markets Live Pulse survey , 38% of respondents believe stock market gains will accelerate under Trump, compared to 13% who anticipate the same under Harris. Still, nearly half of investors expect the stock market to continue its strong performance under the Democratic candidate, with 59% predicting similar results under Trump. Historical data shows that US elections tend to have a limited long-term effect on the markets. Analysts at Deutsche Bank AG , led by Jim Reid , note that 13 of the last 15 US presidents saw annualized stock returns of between 10...

Elon Musk has pledged to reduce US budget spending by at least US$2 trillion if Donald Trump secures victory in the upcoming November 5 presidential election , according to a report by Sputnik . Speaking at a Trump campaign rally held at Madison Square Garden in New York, Musk, the headliner of the event, responded to fellow billionaire Howard Lutnick 's question about how much of the US’s US$6.5 trillion budget could be cut. "I think we can do at least two trillion," Musk stated. This promise has drawn criticism, with Bloomberg pointing out that Musk's position appears to contradict the interests of his own companies, which benefit from billions in US government contracts and investments. Trump has previously expressed his willingness to offer Musk a position in the US government should he win the election, noting that Musk is eager to contribute to optimising government operations . In the upcoming election, the Democratic Party is represented by Vice Pre...

Gold reached an all-time high on Thursday, fueled by growing uncertainty surrounding the US election and increasing bets on further interest rate cuts by major central banks. Spot gold climbed 0.3% to $2,680.19 per ounce , after hitting a record high of $2,685.60 earlier in the day. US gold futures also gained, rising 0.2% to $2,695.90 . Investors are turning to safe-haven gold to hedge against volatility tied to the US election, with market analysts suggesting a Donald Trump presidency could heighten trade tensions and expand the US budget deficit , factors that typically support gold prices. The US retail sales and weekly jobless claims data , due later today, will be closely watched to assess the economic outlook. Expectations of lower global interest rates are also pushing gold higher, as they reduce the cost of holding bullion. Traders anticipate a 92% chance of a 25-basis-point rate cut by the Federal Reserve next month, while the European Central Bank is expected t...

Australian dollar debt sales , which have surged to record levels this year, are now slowing as markets brace for potential volatility ahead of the U.S. election , according to bankers in Sydney. Over A$267.6 billion ($180.4 billion) has been raised in the debt market up to Oct. 8, the largest figure since Dealogic began tracking in 1995, as pandemic-era borrowing was refinanced into eager investor demand. Financial institutions have issued A$95.6 billion in debt—also a record for the year-to-date—while mortgage-backed debt has reached A$61.4 billion . Corporate issuance, totaling A$26.4 billion , is up nearly 70% from the previous year. However, the pace of debt issuance has recently slowed as capital markets hunker down ahead of an unusually close U.S. vote , signaling a possible broader pause in global capital markets activity. Simon Ward, head of debt capital markets for Australasia at Mizuho Securities, noted that recent volatility concerns tied to the U.S. election have l...

  Former President Donald Trump recently discussed his economic policies and plans during an interview with Bloomberg at the Economic Club of Chicago. He defended his proposal for higher tariffs on foreign imports, claiming they would stimulate the US economy by bringing manufacturing back to the country. Trump also expressed the need for more influence over the Federal Reserve's monetary decisions, though he did not specifically say whether he would attempt to remove Fed Chair Jerome Powell if re-elected. Trump's plans include imposing substantial tariffs on China and other nations, arguing that they would protect American industries. He also dismissed concerns over the potential economic impact, such as inflation or supply chain disruptions, while asserting that his leadership would generate loyalty among allies. Trump continued to argue that tariffs would be an effective tool for growth and that his immigration policies would balance the labor market. Moreover, Trump highlig...

US Presidential Elections and Stock Market Impact US presidential elections have a significant impact on stock market performance, following predictable patterns throughout the four phases of the presidential cycle: post-election year, midterm year, pre-election year , and election year . Historically, the pre-election and election years tend to yield the highest returns , while post-election and midterm years often bring more uncertainty and volatility. The following patterns are observed in the stock market: Pre-election and election years : Typically strong performance. Post-election and midterm years : Higher uncertainty, with events such as wars, recessions, and bear markets more likely to occur in the first half of a presidential term. Market Reactions on Election Days On election day , the S&P 500 shows an average positive return of 0.92% , driven by market optimism. However, the day after the election, the S&P 500 typically posts an average negative return of -...

In a surprisingly civil vice presidential debate held on Tuesday, Democratic nominee Minnesota Governor Tim Walz and Republican nominee US Senator JD Vance clashed over key policy issues while largely maintaining a cordial demeanor. This debate comes amid an increasingly contentious election campaign marked by inflammatory rhetoric and two assassination attempts. Despite their history of sharp attacks on each other during the campaign, the two rivals reserved their criticisms for their respective running mates: Democratic Vice President Kamala Harris and former Republican President Donald Trump . The most intense moment of the debate occurred towards the end, when Vance, who previously stated he would not have voted to certify the results of the 2020 election, avoided addressing whether he would challenge this year's vote if Trump were to lose. In response, Walz pointed out that Trump’s false claims of voter fraud incited the January 6, 2021, attack on the Capitol. “He is still ...

As the US election approaches, investors are increasingly cautious about the outlook for the US dollar , favoring trades that steer clear of the world’s reserve currency. Major financial institutions, including Wells Fargo , RBC , and Allspring Global Investments , report a clouded near-term direction for the dollar, prompting a shift in market strategies. With uncertainty surrounding the election outcome, traders are exploring alternative currency pairs, such as shorting the Swiss franc against the Japanese yen and buying the British pound against the New Zealand dollar . "Investors are trying to stay clear of the dollar and take more cross-currency exposure," noted Elsa Lignos , global head of FX strategy at RBC Capital Markets. Traditionally, the dollar plays a dominant role in the foreign-exchange market, accounting for 88% of all trades in the $7.5 trillion-a-day market. However, with the Federal Reserve debating interest rate cuts and the election looming, the risk of...