Question: Pronunciation of French /om/, /on/

[Dave Robertson]

LhaXayEm,

To clarify an idea which I have about the spellings used in _Kamloops Wawa_,
here is a question about continental French pronunciation.

Can it be said that the Standard French phoneme /o/ (not the sound spelled
as "o-circonflexe") when followed immediately by either /m/ or /n/, as in


<homme>
<telephone>
<bonne>

is pronounced more like the sounds spelled <eu>/<oeu> than like <o>?

Does such a pronunciation occur in Belgian French?  Other continental
varieties?

Grand merci,
Dave