Russian Stocks Tumble

Russian markets are tumbling again.

Russia’s MICEX stock index is down 1.5%.

This comes after a Malaysian commercial airline was shot down in Ukrainian airspace, killing over 300 people.

It appears that pro-Russian separatists in Ukraine were responsible. Russian President Vladmir Putin, however, is blaming Ukraine.

“Without doubt the government of the territory on which it happened bears responsibility for this frightening tragedy,” said Putin.

Today’s trading activity follows Thursday’s sharp sell-off, which came after the U.S. announced harsh sanctions against Russian energy and financial firms.

Malaysian Airline System fell 11% on the Bursa Malays.

Meanwhile in western Europe, Britain’s FTSE 100 is down by 0.4%, France’s CAC 40 is down 0.1%, Germany’s DAX is down 0.6%. In Asia, Japan’s Nikkei closed down 1.0% and Hong Kong’s Hang Seng fell 0.3%.

U.S. futures are flat.

“Over time MH17 will be seen as a human tragedy with regional implications more than a geo-political crisis and next week should see the focus return to yield-hunting,” said Societe Generale’s Kit Juckes. “But a lack of data and the end of a mid-July week make for a nervous start today in Europe.”

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at