The Malaysian air disaster came as a shock to markets around the world: Gold rose by 1.5 percent as investors and institutions rushed to hedge against a drop in equities. The MICEX and Ruble have naturally seen the most drastic reactions, the Ruble dropped almost two percent immediately after the tragic news broke, the MICEX fell almost two and a half percent.

The focus is now, to a large extent, back on the Ukraine conflict itself amid fresh uncertainty. In previous months Russian equities and energy commodities which have been the most reflective of the crisis. European stocks are also down as the immediate aftermath of the tragedy is being discussed by world leaders. the FTSE eurofirst has been down one percent .

John Hardy, Saxo Bank's Head of FX Strategy, analyses which markets will remain sensitive to the ongoing situation.