Global stocks gain as Russia-Ukraine talks in progress

Alarming Bells

- US central bank may raise rates several more times this year

- Europe likely enter recession amid high energy and food prices

- Alleghany, a reinsurance company, soared about 25% as Berkshire Hathaway set to buy it

- Media ratings agency Nielsen slid 6.9% after rejecting an acquisition offer

- Boeing fell 3.6% after a 737-800 aircraft operated by China Eastern Airlines crashed in China

Tokyo: Global shares rose on Tuesday as investors eyed the war in Ukraine and inflationary risks including rising energy costs. Benchmarks rose in Europe in early trading, while they finished higher in Asia. France's CAC 40 added 0.1% to 6,587.92. Germany's DAX edged up 0.4% to 14,382.47. Britain's FTSE-100 rose 0.3% to 7,467.84. The future for the Dow industrials was 0.3% higher and the S&P 500 future rose 0.2%.

The Russian war on Ukraine and Western sanctions on Russia are adding to worries over disruptions to energy supplies for Europe and surging prices that might hinder progress toward economic recoveries from the pandemic. "With no progress on peace talks, reports are circulating that the EU is setting the table for a Russian oil embargo. Higher energy prices will hugely harm the EU economy," said Stephen Innes, managing partner at SPI Asset Management.

In currency trading, the US dollar surged to a six-year high against the Japanese yen, surpassing the120 yen level and trading at 120.42 yen by late afternoon, up from 119.47 yen. A growing gap between interest rates in the US and in Japan, where the central bank's key interest rate is minus 0.1%, is pushing the dollar higher against the yen. That's a boon for export manufacturers but raises costs for Japanese imports of key necessities including oil and gas. The euro cost $1.0991, down from $1.1016. Benchmark US crude slipped $1.12 to $111.00 a barrel Tuesday in electronic trading on the New York Mercantile Exchange. Brent, the international standard, fell 87 cents to $114.75.