Lockdowns rolled out throughout Europe: winter season likely very weak Overall in October, global flights volumes were stable month-on-month, and represented 58% of 2019 volumes (57% in October). However, we have started to see a pullback in late October, also recorded in the number of passengers going through US airports. So far, this appears in line with normal seasonality, but may well be exacerbated by recent restrictions and lockdowns rolled out in Europe and which may spread, along with the resurgence of cases. This is likely to translate into a very weak winter season for air traffic, especially for European airlines (easyJet sees 25% of Q4 19 capacity in Q4 20, IAG 30%). We believe the share drops seen last week reflected concerns about a second wave of the pandemic, but the latest lockdown announcements, notably in England, did not yield additional pressure. Yet Airbus deliveries remain solid, driven by a widebody catch-up Against this backdrop, Airbus deliveries held up solidly, and we forecast a total of 70 deliveries in the month, made up of 10 A220, two A320ceo, 42 A320neo, three A330neo, one A330ceo and 12 A350. This surprising catch-up from widebodies was driven by deliveries to Asian and Middle-eastern airlines (Singapore, Cathay, Kuwait and Qatar). Once again deliveries thus stood well ahead of first flights, our proxy for production - in line with the official monthly rates in October - and we estimate a reduction of c. 15 in the number of aircraft in Airbus'' inventory, to c. 120. 737 MAX production still at very low levels We also expect Boeing to have seen a modest reduction in its inventory, although driven by low production (only 10 aircraft performed their first flights last month). Within that, 737 MAX production continues to trickle on at an average of one per month since it resumed in June. Dassault Aviation well on track to reach guidance In the business jet segment, we note that Dassault Aviation is now only...