Developing economies must move fast in adopting artificial intelligence for their governments and businesses, the World Bank said, urging countries to adapt existing tools to local needs.

Emerging-market equities extended their winning streak for a fourth day, climbing to the highest level since 2021 as artificial intelligence optimism — fueled by a landmark OpenAI share sale — lifted global sentiment.

Developing-nation currencies pared gains on reports that Federal Reserve Governor Christopher Waller has emerged as a top Fed chair candidate, raising confidence over the independence of the institution and boosting the dollar.

Emerging-market currencies held gains after Federal Reserve Chair Jerome Powell said policymakers could move cautiously as they lower interest rates. The South Korean won rebounded on Wednesday as President Yoon Suk Yeol rapidly reversed his martial law declaration.