Prime Minister Anwar Ibrahim’s unity government coalition faces mounting internal strains and mixed state election results, including a notable setback for his Pakatan Harapan partners in Johor in July 2026, fueling ongoing speculation about an early dissolution of the 15th Parliament. The chamber, which first sat in December 2022, faces automatic dissolution no later than December 2027, with the latest possible general election in February 2028. Anwar has publicly weighed a snap poll if coalition fractures widen while also emphasizing the need for time to deliver on the current mandate. Recent state assembly dissolutions and upcoming contests such as Negeri Sembilan heighten scrutiny of national momentum. Traders track coalition cohesion, opposition performance by parties including PAS, and any signals on timing or alignment with state polls as the primary variables shaping implied probabilities.