LONDON/SHANGHAI—World stocks recovered ground on Wednesday as markets watched for signs of light in the Ukraine conflict, while Treasury yields hit their highest since mid-2019 in anticipation of the first U.S. interest rate hike in three years. Chinese stimulus hopes also boosted stocks. Ukrainian President Volodymyr Zelensky said on Wednesday peace talks between Russia and Ukraine were sounding more realistic but more time was needed, as Russian airstrikes killed five people in the capital Kyiv and the refugee tally from Moscow’s invasion reached 3 million. Russia’s foreign minister Sergei Lavrov also said some formulations of agreements with Ukraine were close to being agreed. Western governments have slapped tough sanctions on Russia for the invasion, which Moscow calls a “special operation.” “These sanctions probably are working, hopefully that will put some pressure on both sides to get around the table and negotiate,” Gregory Perdon, co-chief investment officer at Arbuthnot Latham, said. …