Central Banks
Asia shares slip amid escalating US-Iran tensions
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Global markets tumbled as US-Iran tensions and prolonged Israeli conflict drove oil prices higher. Asian shares and futures dipped, with investors preparing for extended fighting. The inflationary pressures have reduced expectations for central bank rate cuts.
The Bank of Japan declined to sign a joint statement from central banks supporting Federal Reserve Chair Jerome Powell, aligning with its longstanding practice of avoiding controversial topics amid sensitivities over U.S. relations and an upcoming election.
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Hassan Abdalla, governor of the Central Bank of Egypt, stated that artificial intelligence transformations offer opportunities to boost analytical and supervisory capabilities but introduce risks like regulatory fragmentation and cyber threats. He called for robust digital infrastructure and modern legislative frameworks to address them. These remarks came at a high-level meeting in Abu Dhabi on financial stability.