| Want the lowdown on what's moving European markets in your inbox every morning? Sign up here. Good morning. Lebanon's main port was rocked by a deadly explosion, Google faces a new EU probe, and there's a new record for gold. Here's what's moving markets. Inevitable Return Italy and Sweden, two of the hardest-hit countries at the pandemic's peak, are now keeping the virus under control, with no rebound in sight and no strain on hospitals. By contrast, the daily case count in Spain rose past 2,000 last week and France's surpassed 1,000. New Zealand, among the first developed countries to record zero active cases, faces an inevitable return of the pathogen, according to its Director-General of Health. In treatment news, The Wall Street Journal reported that transfusions of blood rich with antibodies from recovered Covid-19 patients to those hospitalized with the virus reduced their mortality rate by about 50%. Shares in Novavax Inc., meanwhile, plunged 34% before quickly paring losses in post-market trading as investors digested conflicting interpretations of its early vaccine data. 2,750 Tons Last night's massive explosion in Beirut was caused by about 2,750 tons of ammonium nitrate left unsecured in a port facility for six years, according to Lebanon's Prime Minister Hassan Diab. Authorities didn't say whether it was an accident or an attack. The blast, which shattered windows and doors across the city and was heard as far away as Cyprus, killed at least 78 and injured thousands, overwhelming local hospitals. "It is a destroyed city, people lying on the streets, damage everywhere, " Beirut Governor Marwan Abboud told reporters near the scene. Fitbit Fears Google faces a lengthy European Union probe into its $2.1 billion takeover of Fitbit Inc. amid concerns about how health data could strengthen the search giant's power in online advertising. Regulators are increasingly scrutinizing Silicon Valley takeovers, aiming to prevent the already powerful firms from conquering innovative new markets where data is often the most prized asset. The commission "seems to be finally seizing a unique opportunity to stand up to digital dominance that seeks to exploit our most intimate data for profit," said Ioannis Kouvakas of Privacy International, which lobbied for a longer EU probe. $2,000 Per Ounce Gold's scorching rally gathered more force, with prices driven higher into record territory above $2,000 an ounce as investors assessed prospects of more stimulus to combat the pandemic's fallout, another slide in U.S. real yields and increased geopolitical risks. Bullion is up more than 30% this year, and could extend gains as governments and central banks respond to slowing growth with vast amounts of support. The haven's allure as a store of wealth is strengthening as investors face the prospect of a long global recovery, and the debasement of fiat currencies, with banks including Goldman Sachs Group Inc. forecasting a rally to $2,300. Coming Up… It is a DAX-heavy morning on the earnings front, with insurer Allianz SE and DHL parent Deutsche Post AG both reporting 2Q results above estimates and Commerzbank AG forecasting a full-year loss. Other highlights on today's agenda include chip maker Dialog Semiconductor Plc, auto group BMW AG and tire and car parts firm Continental AG. Fellow tire maker Pirelli & C. SpA is set to report after markets close. On the macro side, prepare for composite Purchasing Managers' Index data for the Euro area, U.S. and China. What We've Been Reading This is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morning U.S. tech stocks are at record highs, junk bonds are out of distressed territory and the Cboe Volatility Index -- the so-called fear gauge -- is at a post-pandemic low. But volatility traders are showing they aren't quite willing to let their guard down completely just yet. As my colleague Yakob Peterseil points out, the spread between volatility futures two months out and the front month -- a measure of expected price swings in the short-term -- has risen to around an eight-year high. That could be a good indication of the August effect, with traders weighing that summer may not be the best time to short volatility, this year in particular. On top of potential swings from the run-up to the American presidential election and U.S.-China trade tensions, liquidity is low. The coronavirus continues to spread and a slew of updates from the various vaccines in testing is likely just ahead of us. Volatility traders are betting on a choppier time ahead and I can see why you wouldn't want to wager against them.  Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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