LBLV Apple launches new product and updates old ones 2021/21/04

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LBLV provides an overview of economic news.


The main economic news for Wednesday, April 21:

0:00 Netflix viewer growth loses ground and shares fall
1:08 Apple launches new product and updates old ones
2:01 Stocks fall as coronavirus fears return to markets
3:04 EU signs preliminary deal to reduce air emissions

1. Netflix viewer growth loses ground and shares fall
Netflix Inc. said slowing production of TV shows and movies during the pandemic hurt subscriber growth in the first quarter, sending shares in the world's biggest streaming service down 11% on Tuesday. Around 3.98 million people subscribed to Netflix between January and March, below the average forecast of 6.25 million by analysts polled by Refinitiv. Netflix shares fell 11% after the close to $489.28. Its shares have risen 27% over the year, compared with a 63% increase in the Nasdaq Composite high-tech index. The company predicted growth would accelerate in the second half of the year when it released new seasons of You, Money Heist, The Witcher and the action film Red Notice, among other titles. Analysts predict that people will spend less time watching broadcasts from their living rooms as the vaccination spreads and more people leave their homes.

2. Apple launches new product and updates old ones
Apple Inc. announced a number of new computers, podcast pay-per-view services and devices to find lost items on Tuesday, signaling the continued expansion of its once-simple product line into more and more corners of customers' lives. Analysts have welcomed the new $30 AirTags, a new iPad Pro tablet with the same processor that Apple designed, and an update to its Mac desktop range. The ad shows how the iPhone maker is accelerating the expansion of its product portfolio and working to keep customers loyal to its family of devices, despite increased government control over the capabilities and reach of big tech companies. Most of the product introductions were telegraphed before the presentation, which came as no major surprises. Apple shares fell 1.3%, slightly more than the 1% drop in the Nasdaq index.

3. Stocks fall as coronavirus fears return to markets
Asian shares and US stock futures fell on Wednesday as fears of renewed coronavirus cases in some countries cast doubt on the strength of global growth and demand for crude oil. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6%. Stocks in Tokyo fell 1.79% due to the growing likelihood that Tokyo, Osaka and surrounding areas will be blocked by a new wave of coronavirus infections. Optimism over higher vaccination rates in the US, UK and Europe has recently been shifting to concerns that a record number of coronavirus cases in India and increased travel restrictions will act as a brake on the global economy. The decline in Asian stocks followed a bad day on Wall Street. The Dow Jones Industrial Average fell 0.75%, the S&P 500 lost 0.68% and the Nasdaq Composite fell 0.92% on Tuesday, as investors sold off airline and travel stocks over fears that the global tourism recovery will drag on.

4. EU signs preliminary deal to reduce air emissions
The European Union has reached a tentative agreement to reduce net greenhouse gas emissions by at least 55% by 2030, exceeding the previous target but not going as far as environmental campaigners demand. The aim is to set the bloc on track to become the first climate-neutral continent by 2050 and put the EU on a path that, if adopted globally, would limit global temperature rise to 1.5 degrees above pre-industrial levels and prevent the worst effects of warming. Negotiators from the European Parliament and European Council, representing 27 EU governments, recorded a reduction from 1990 levels after talks early on Wednesday morning. By 2019, EU emissions were already 24% lower than in 1990, while the economy had grown by about 60%. The 55% target replaces the bloc's previous plan to cut emissions by 40% by 2030 from 1990 levels.
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