The universal hypermultiplet arises as a subsector of every Calabi-Yau
compactification of M-theory of type II string theory. Classically it
s moduli space is the quaternionic space SU(2,1)/U(2). we show that th
is moduli space receives a one-loop correction proportional to the Eul
er character of the Calabi-Yau, which can locally be absorbed by a cer
tain constant shift of the fields. The correction vanishes in the limi
t that the Planck mass is taken to infinity, and hence is essentially
gravitational in nature. (C) 1998 Published by Elsevier Science B.V.