LONDON—Global markets veered in different directions on Tuesday, with shares climbing to five-week highs, recession warnings growing in the government bond markets, and Japan’s yen headed for its worst month since 2016. Europe’s main bourses made strong opening gains, taking cues from Asia overnight after the Bank of Japan had defended its vast stimulus program, and as warring Russia and Ukraine held their first face-to-face talks in more than two weeks in Turkey. It was enough for traders to shrug off data showing bigger-than-expected drops in French and German consumer confidence due to both war worries and the fastest rising European inflation in decades. Germany’s benchmark 10-year Bund yield—the main gauge of European borrowing costs—hit its highest since May 2018, adding to the seismic shifts global rates markets have experienced this year due to the sharp rise in global prices. Two-year U.S. yields have now risen an eyewatering 165 basis …