Airbus and Boeing March deliveries are solid, as traffic recovery is highly geared to the US Commercial flights volumes stood at 68% of 2019 levels, the highest since March 2020, and an encouraging sign after the pullback seen in January and February. Trends vary greatly across geographies, however, with China facing further deterioration of air traffic to 45% of 2019 level in March (vs. full recovery in Sept) while the US recovery continues (March at 52% of 2019 levels vs. 40% over January-February). Europe should remain extremely soft in March, due to renewed restrictions. In this context, we estimate Airbus delivered 61 aircraft in March, with 54 narrowbodies (4 A220, 3 ceo and 47 neo) and 7 widebodies (2 A330neo and 5 A350). The mix is now quite balanced with Europe, North American and Asia making up the vast majority of deliveries. For Boeing, we estimate 31 deliveries, including 21 MAX and 3 787, largely to US customers. Inventories remain high but production rate concerns are largely limited to the 787 Inventories at Airbus remain high, with c. 95 by end Q1, broadly stable vs. end 2020. Within this, narrowbodies stand just above one month of production, the A350 at 4 months and the A330 at 6.5. At Boeing, MAX inventories have started to fall as delivery resumes but production is still stagnating at around 5/month. Stored fleets in the US are reducing rapidly, a potential indication that passenger avoidance is not significant. 787 inventories are, however, a concern, at c. 80 aircraft, well above the 2020 delivery performance (53); no slowdown of production is noticeable at this stage but unless deliveries are solid in Q2-Q3, we see risks of further production rate cuts. Airbus Q1 set to be broadly stable yoy as FX helps offset lowered production impact For Airbus, we expect deliveries to be down 7% in Q1, largely driven by fewer A350. Commercial EBIT should thus be broadly similar to Q1-20, with some headwinds from lower production -...