listen to ecb commentary at the moment. they seem optimistic about the situation, the fundamentals of europe. to put a bit into bunds at the moment, you have got to believe the ecb's monetary policy stance will move from where it is currently. diana: it is interesting to me. we talk about the contagion being limited, but you have to look at correlations. the euro-dollar still reacted. the moves are marginal in other sectors, but it does not mean we have not seen a slight repricing. it is something the ecb will be watching very closely. they have to deal with the italian headache. they also have brexit around the color. is them, the policy outlook much more -- by this outcome than if he had the 1.9% budget number we would have. jonathan: the market is drawing a distinction between supply risk and redenomination risk. do you think the tailwind is there that we could be on the path for exploring redenomination risk in a eurozone country? colin: i don't really think we are at that point yet. i think we need to take it a couple m

commentary is that gloomy. earlier in the week, a note came out where the ecb's and moving higher to the end of the year.y were aggressive buyers of semi conductor stocks and it is literally inconceivable for the current trends related to those trade tariffs and concerns about that for them to continue. they are expecting them to outperform as we get to the fourth quarter. two sides to the story. picking the more bearish side of the day. caroline: not a single cell on the stock as well. lisa: isn't that how i has been for years now? people say bye, bye, bye, then something happens. caroline: all eyes on the chipmakers. emma chandra, thank you. coming up, cbs surges. asres of the tiffany network the board is negotiating a potential exit for the ceo. once again, the details next. this is bloomberg. ♪ caroline: this is "bloomberg markets." lisa: it is time now for the bloomberg business flash. we take a snapshot of the biggest stories in the news today. jetblue's chief executive wants to lower the of seen cost of flying business class across the atlantic. the strongest signal yet since the discount airline