Slightly more subdued deliveries in November at Airbus We forecast 52 deliveries at Airbus in November, a step down from the 70 delivered in October. Being in line with production, this implies no reduction in finished aircraft inventories this month, estimated at c.120 aircraft. In detail, we expect deliveries of one A220, 46 A320 (1 ceo), and five A350 with no orders nor cancellations this month. Into the year-end, airlines'' acceptance of deliveries is likely to be under much scrutiny, as the typical rush to deliver on targets may be replaced by a much quieter December. Still, Airbus has been adamant that there are levers - other than delivery volumes, which remain uncertain - that could be pulled to reach its FCF target. 737 MAX getting ready for delivery resumption Meanwhile, the 737 MAX has now been re-certified by the US FAA, and the first airworthiness certificate has been issued since the grounding. This means US-domestic deliveries could resume in December, but elsewhere some hurdles still need to be cleared, notably in Europe (consultation until year-end), Canada and China (likely to lag). Production remains extremely low, with only one new aircraft coming off the line each month, as Boeing evidently prioritises clearing its existing inventory vs. optimizing production in the current environment. Deliveries in November should thus remain low, at an estimated 10 (one 737 NG, one 747, two 767, three 777 and three 787). Commercial air traffic recovery has stalled but shows no seasonal downturn Commercial flight volumes have been broadly steady since mid-August, but against typical seasonality this means flights are now at 60% of 2019 levels in November (vs. 58% in October). Non-commercial flights (i.e. mainly biz jets) were up 7% yoy in November, confirming full recovery. Business jets performing in line with targets Business jet deliveries seem to be trending in line with their targets, with perhaps the potential to be slightly...