| Want the lowdown on what's moving European markets in your inbox every morning? Sign up here. Good morning. Gold had its worst day in years, the Democrats have a vice presidential candidate and Tesla Inc. plans to split its stock. Here's what's moving markets. Gold Plunges Gold suffered its biggest daily drop in seven years as risk appetite gained on a combination of U.S. President Donald Trump's comments on possible tax cuts, falling Covid-19 hospitalizations in some American states, and strong Chinese economic data. The precious metal is down for a fourth consecutive day this morning, retreating further from last week's record high to trade below $1,900 an ounce as a spike in bond yields adds to selling pressure. The 10-year Treasury yield jumped the most since June ahead of an expected flood of debt issuance. As for stocks, European futures are a little lower this morning after Tuesday's gains. Biden Picks Harris Joe Biden chose Kamala Harris as his running mate for November's election, betting the 55-year-old's ties to the African-American community will help propel him to the White House. Known as an aggressive campaigner, the junior senator from California has won statewide elections in the most populous U.S. state three times. Harris becomes the first Black woman and first Asian-American on a major party presidential ticket. She was the logical choice all along, Bloomberg Opinion writes. The Trump campaign released an attack ad within minutes of the announcement. Tesla Splits At around $1,374 a pop as of Tuesday's close, Tesla Inc. shares may have become too pricey for some investors. Last night Elon Musk's firm said it would split the shares 5-1, in a move that will make them more attainable for individuals. The news follows a split announced by Apple Inc. last month, which was followed by retail traders piling in to bet on further gains for the iPhone maker. Trading in Tesla will begin on a split-adjusted basis on Aug. 31. The stock jumped in after-hours trading, having already more than tripled in value this year. Made in Russia Russian President Vladimir Putin said his country cleared the world's first Covid-19 vaccine for use and hopes to begin mass inoculation soon, even before clinical testing has finished. Medical workers could begin receiving the drug by the end of the month, Russia's deputy prime minister added. The announcement may be viewed by some as a propaganda coup for the Kremlin, particularly given accusations that Russian hackers have sought to steal international drug research. Elsewhere in vaccine news, Moderna Inc. reached a deal with the Trump administration to supply 100 million doses of its experimental drug. Coming Up… Keep an eye on developments in New Zealand, where Auckland has gone back into lockdown amid new virus cases. On the data slate, gross domestic product numbers are expected to show Britain's economic recovery continued in June, and we'll also get euro area industrial production and U.S. inflation statistics. Elsewhere, the Organization of the Petroleum Exporting Countries releases its monthly market report with crude futures near a five-month high. In earnings, ABN Amro Bank NV said it will exit all corporate finance outside Europe and drop its trade and commodity financing operations, while Just Eat Takeaway.com NV reported a spike in orders. 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 Treasury yields jumped Tuesday and tech stocks sold-off but what captured the headlines was the slump in gold. The pace of the yellow metal's rapid ascent meant its first real key support levels -- in the eyes of chart watchers at least -- remained some way away, even after its near 6% slide. Lo and behold, gold continued to fall Wednesday morning to threaten its uptrend from March. The volatility will certainly make dip-buyers nervous, and focused on the rebound in real yields that has sparked the metal's biggest fall in almost seven years. Should that continue, the gold price will likely retreat toward its next support -- a convergence between a closely-watched Fibonacci level and its 50-day moving average just above $1,830 per ounce. This year has seen the emergence of a number of themes that give a fundamental boost to the original haven asset -- the potential for currency debasement, the risk of inflation, the arrival of modern monetary theory among them. But fast money traders took charge in mid-July, so that means in the short-term it will be all be about technicals.  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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