ECONOMIC CROSSCURRENTS SEPTEMBER 

Malaysia remained resilient, although economic momentum was normalising, with the MY36 Thermometer easing from 73.50 to 71.25 while remaining in the Stable Zone. Domestic demand, exports and manufacturing continued to provide support, but corporate earnings were increasingly expected to depend on operational efficiency, margin protection and disciplined capital allocation. Across Asia, the risk landscape was also shifting as financial conditions stabilised, while freight costs, commodity prices and supply-chain pressures became more significant for businesses. ASEAN manufacturing remained relatively resilient, creating opportunities amid ongoing supply-chain reconfiguration. Overall, growth remained constructive, but sustaining earnings would require businesses to maintain pricing discipline, strengthen supply-chain resilience, improve cost efficiency and adopt selective capital allocation.