Anwar Ibrahim To Be Sworn In As Malaysia's Prime Minister At 5pm

Pakatan Harapan's Anwar Ibrahim will be handed a mandate to form a unity government, the Royal Palace said in a statement after the King held consultations with other rulers, breaking the deadlock in coalition talks after the 15th general election which generated a hung parliament.

• The Straits Times reports that a deal between Pakatan and outgoing Prime Minister Ismail Sabri's UMNO-led Barisan Nasional alliance will result in UMNO getting several senior portfolios, with deputy leader Mohamad Hasan set to become Deputy Prime Minister.
• Pakatan won the most seats in the Dewan Rakyat but former Premier Muhyiddin's Perikatan Nasional appeared to be the initial frontrunner to take power as it made contested claims that it had the support of more than half of MPs. It was unclear if any bloc has the numbers, owing to the changing stance of internally conflicted Barisan Nasional.
• Malaysian assets gained in reaction to the prospect of much needed political stability. FTSE Bursa Malaysia KLCI Index has added 3.1%, its biggest jump in two years. Spot USD/MYR has shed 710 pips, approaching Nov 16 cyclical lows.