Global shares mixed as Russia, Ukraine plan further talks

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World shares were mixed Tuesday after talks between Russia and Ukraine aimed at ending the war just yielded an agreement to meet again.

European markets opened mostly lower while Asian shares and U.S. futures were mostly higher. Oil prices rose.

Russia is a major energy producer and surging oil prices and increasing financial pressure from the U.S. and allies on Russia for its invasion of Ukraine were adding to uncertainty about the global economic outlook. “The market’s focus will continue to be on geopolitical tensions, at least in the short term,” Anderson Alves of ActivTrades said in a report.

Governors and lawmakers in numerous U.S. states, seeking to add to the financial squeeze on Russia, were taking steps to pull state pension and treasury funds out of investments in Russian-held entities or Russian companies supporting the war. The Fed is treading a tightrope, needing to raise rates enough to curb inflation but not by so much as to choke the economy into a recession. Higher rates also put downward pressure on various investments from stocks to cryptocurrencies.

 

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