Six decade reign ends
I don't know anything about Malaysian politics but reports say Mahathir Mohamad's coalition as won the election in a shock victory to end the six-decade reign of the party of PM Najib Razak.
Mahathir is 92-years-old and will govern with a majority of at least 112 of the 222 parliamentary seats.
The market reaction shows the surprise. The benchmark Bursa Malaysia was near a record on the eve of the election and foreign ETFs are down as much as 2.6%. Domestic markets are closed through the weekend.
Mahathir promised to scrap the 6% VAT and tighten rules on Chinese investment along with term limits for the Prime Minister.
Justin is our man in Malaysia and I'm sure he will have some insight later.
