Beijing Cracks Down; Kyle Bass: “No defense for investing in China;” Tesla’s Drive

Squawk Pod

CNBC

Investing, Business News, News, Business

4.2 • 543 Ratings

🗓️ 27 July 2021

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Beijing’s sweeping regulatory crackdown on technology, education, food delivery and property sectors has sent shockwaves across global markets, driving Chinese markets down. Kyle Bass of Hayman Capital Management says it's 'unconscionable' for global fund managers to invest in China. CNBC’s Eunice Yoon reports from a tutoring company in China as new rules in that once under-the-radar industry shed light on the demographic and industrial changes in the world’s second-largest economy. Tesla releases a better-than-expected second-quarter earnings report, and the electric vehicle maker passed $1 billion in quarterly net income for the first time, but Elon Musk is leaving the chat. CNBC’s Phil LeBeau breaks down the headlines with Joe Kernen, Andrew Ross Sorkin and Morgan Brennan. Plus, Bitcoin levels off after Amazon denied a rumor that it would start accepting the token as payment. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Bring in show music please.
0:03.0	This is Squawk Pod.
0:06.0	I'm the NBC producer Katie Kramer today on our podcast.
0:10.0	China's Business Crackdown, what's the impact on investors here?
0:13.4	It's fascinating just to see what's happened
0:15.2	in the past 24-48 hours over there.
0:17.2	It's weird that it's so broad and it's like something bigger.
0:21.2	The always outspoken hedge fund manager and China skeptic Kyle Bass joins us with his take.
0:26.5	I think it's lunacy and I think at some point in time we're going to look back at this and say
0:31.0	all of the facts were on the wall and yet we decided not to pay attention to them.
0:36.0	Plus Tesla's blowout earnings and Bitcoin around 40,000 after Amazon pushed back against speculation that will all be doing
0:44.9	Bitcoin payments for packages.
0:46.7	I think it might have been just literally that there was a washout.
0:50.0	I mean, people decided at some point that 30,000 was a nice floor and that they were going to make the move.
0:55.6	It's Tuesday July 27th, 2021.
0:59.3	I can't get enough of you, Joe.
1:00.8	And you too, Andrew.
1:01.8	Squawk Pod begins right now.
1:04.0	Stand under by and three, two, one, two,
1:08.0	Andrew.
1:09.0	Good morning and welcome Squawk Box right here on C.
1:11.0	on C.N.
	...

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