The bombing of a key Ukrainian port sent wheat prices to a five-month high.
The attack on the Danube port of Reni comes a week after Russia withdrew from the Black Sea Grain Initiative, threatening global food supplies.
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What happened in one night
Chinese stocks rose sharply and the yuan rallied after Beijing pledged to boost policy support to shore up a weak post-Covid economic recovery.
The blue-chip CSI 300 index snapped a six-day losing streak to rise 2.6 percent by the midday break, on track to record its best day since last November, while the Hang Seng jumped 3.2 percent.
The yuan strengthened to a near two-week high against the dollar, with further support from state-owned banks selling the greenback and buying the Chinese currency on Tuesday.
Beijing will step up economic policy support to focus on expanding domestic demand, boosting confidence and preventing risks, the Politburo, the ruling Communist Party’s top decision-making body, said, according to state news agency Xinhua.
Elsewhere, Tokyo’s Nikkei 225 lost 0.3 percent to 32,605.97, while Seoul’s Kospi advanced less than 0.1 percent to 2,630.70.
Sydney’s S&P-ASX 200 rose 0.4% to 7,336.20. New Zealand falls behind, while Singapore and Jakarta advance.
On Wall Street, the benchmark S&P 500 rose 0.4 percent on Monday ahead of this week’s Federal Reserve meeting.
The S&P 500 rose to 4,554.64. The Dow Jones Industrial Average gained 0.5% to 35,411.24 and the Nasdaq Composite added 0.2% to 14,058.87.