OPTIONS: Expiries for Apr10 NY cut 1000ET (Source DTCC)

Released yesterday: "GDP could grow between 0.2% and 0.3% in the first quarter", from the Banque de France's monthly business survey for March (unchanged from Feb), though they now note downside risk due to the Middle East conflict. While the conflict is yet to show in hard economic data, we are seeing the first signs of concern over downside risks that could stem from the conflict.

• "However, this technical forecast is subject to downside risk, given the uncertainties related to the conflict in the Middle East and its impact on supply chains and energy prices, which could weigh on activity at the end of the quarter."
• The growth estimate is unchanged from the February survey, and is also in line with Bloomberg consensus at 0.2% Q/Q. This would also be unchanged from 0.2% Q/Q realised growth in Q4 2025. Further ahead, growth is seen staying in the 0.2-0.3% Q/Q range for the remainder of the year (Bloomberg consensus).
• Data were collected between 25 Feb - 4 Mar 2026, covering around 8500 businesses: "about one-third of the responses were collected before [events in the Middle East] and two-thirds after. For February, according to the business leaders surveyed, economic activity continued to grow at a pace consistent with expectations."
• "For March, businesses anticipated continued strong activity in industry and services, and more limited activity in construction. However, while uncertainty continued to decline in the initial responses prior to February 28, it rebounded sharply in subsequent responses, with businesses citing risks of rising energy prices and logistical disruptions."
• We note that French hard output data has been more mixed recently: IP rebounded in Jan at 0.5% M/M (0.4% cons, -0.5% prior, revised up 0.2ppt), but entirely due to a strong rebound in transport equipment (all other manufacturing categories saw flat/negative growth M/M).
• Elsewhere in the survey, it's noted that "price increases remain moderate ... Overall, 11% of industrial companies reported increasing their selling prices in February, while 5% reduced them. Price decreases were mainly seen in the automotive (-12%), pharmaceutical (-10%), and food processing (-10%) sectors. Price increases were more concentrated in pharmaceuticals (+28%), computer, electronic, and optical products (+17%), and electrical equipment (+15%)."

FX CME Roll pace update:

• EUR: 42%.
• GBP: 56%.
• JPY: 48%.
• CHF: 48%.
• CAD: 40%.
• AUD: 55%.
• NZD: 62%.
• SEK: 44%.
• NOK: 58%.

• Guidance: SGB + 4bps area (IPT was SGB+5bps)
• Size: SEK20bln WNG
• Books above SEK47b (excluding JLM interest): Leads
• Maturity: 9 February 2037
• Coupon: Annual, 30/360
• Settlement: March 18, 2026 (T+5)
• ISIN: SE0028000281
• Bookrunners: Danske, Handelsbanken, Nordea, SEB (B&D), Swedbank
• Timing: May price today

Details as per Bloomberg