This episode of The Core Report covers key market movements, notably India being overtaken by Taiwan in stock market capitalization due to TSMC's rally. It also examines India's coal shortages amid record power demand, the economic impact of heatwaves on labor productivity, and an innovative gold monetization platform. Other topics include geopolitical tensions, Ferrari's first EV launch, and luxury watch collaborations.
Summarized by Podsumo
Taiwan's stock market surpassed India's to become the fifth largest globally, driven by TSMC's 46% rise, while India's market cap fell to $4.92 trillion.
Coal India has been directed to ramp up supplies as 21 power plants face critically low coal stocks, despite a record peak power demand of 270.8 GW, with coal still powering 70% of India's electricity.
Heatwaves could put up to 4.5% of India's GDP at risk by 2030 due to lost labor hours, and India lost 181 billion potential labor hours in 2023 alone from heat exposure.
A new digital platform, My Gold, aims to monetize India's 25,000-34,000 tons of idle gold by offering returns in gold weight, helping reduce imports and supporting jewelers.
Ferrari shares fell after launching its first EV, the 'Loose', as other luxury brands scale back EV plans, while Audemar Piguet's Swatch collaboration crashed its website with 10x normal visitors.
"Nobody needs a watch to tell the time; we need to preserve this wonderful industry."
"The summer that they face 10 years back is no more the same summer that they are experiencing right now... there is still a lot of effort needed to bring that scientific evidence to masses."
"If we are able to mobilize 1% of the 35,000 tons of gold, we are looking at 350 tons of gold. Our annual need of the jewelry industry is close to 300-400 tons."