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Amazon, Apple and Microsoft are in a tight race for the title of world’s most valuable public company. The three have tossed around the title over the past few trading days, each closing with a market cap over $860 billion. Microsoft surpassed Apple in market cap on Friday, only for Apple to overtake it again on Monday. Amazon briefly eclipsed both companies during intraday trading Monday. As of Monday’s close, Apple took the lead with a market cap of $877 billion. Amazon followed at $866 billion, then Microsoft with $860 billion.

The horse race between these tech giants has intensified as the tech sector has seen an upswing from October declines and following the White House’s announcement of a 90-day trade truce with China on Saturday. The stocks have been closely watched since August, when Apple became the first publicly traded company in the U.S. to reach $1 trillion in market cap. About a month later, Amazon reached the same milestone before markets closed, ending the day just below the $1 trillion mark.

Microsoft’s lead on Friday marked a significant shift in the tech sector, as the company hasn’t closed a year in the top seat since 2002 and has not been the most valuable tech stock since 2010. While Apple and Amazon had been the two front-runners by market cap size, recent setbacks at the companies have given Microsoft a leg up. The company has seen its value more than triple since Satya Nadella took over as CEO from Steve Ballmer in February 2014, as Nadella has accelerated the company’s transition into cloud-based services and allowed other parts of the business to take priority over the Windows PC operating system.

Since Apple announced on its fourth-quarter 2018 earnings call that moving forward it would no longer disclose iPhone unit sales, investors have worried the company is getting ready for a significant drop-off in sales of its flagship product.

Amazon saw a similar sell-off after delivering weak guidance in its third-quarter 2018 earnings report. The company expected $2.1 billion to $3.6 billion in fourth-quarter operating income, well below Street estimates of $3.9 billion for the quarter that spans the holiday season.

Both companies have rebounded with the market and the pause in trade tensions with China. On Monday, Amazon closed up 4.9 percent and Apple was up 3.5 percent.

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January PPI, CPI reports amid renewed US-China trade talks

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China’s Consumer Price Index missed expectations in January coming in at 1.7 percent higher than a year ago, the National Bureau of Statistics said on Friday.

Economists polled by Reuters were expecting CPI to come in at 1.9 percent higher on year. December CPI — a gauge of prices for goods and services — rose 1.9 percent over the same period.

Meanwhile, producer inflation rose 0.1 percent from a year ago, compared with a 0.2 percent rise expected by economists polled by Reuters. December PPI rose 0.9 percent on-year.

The data comes as a new round of talks in Beijing this week as the world’s two largest economies renewed efforts to reach a deal to defuse trade tensions

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Andrew Penn weighs in on profit fall and 5G rollout

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Australia’s largest telecom company Telstra will soon be ready to give customers the next-generation of ultra-high speed mobile internet, known as 5G, its CEO said on Thursday.

Mobile is the “engine room” of Telstra’s business and it will be a critical part of the future, Andrew Penn told CNBC’s “Street Signs.”

“We have had more than 200 sites rolled out on 5G now,” he said. “We’ll be one of the first global operators to actually put 5G in the hands of our customers in the coming months when handsets are available.”

Penn’s remarks came after Telstra released its half year results for financial year 2019 on Thursday morning.

Net profit after tax was down 27.4 percent on-year to 1.2 billion Australian dollars (approximately $854 million) in line with expectations. The company said its financial results were affected by a partially-completed fiber network, which is owned by the government. Essentially, Telstra has to pay before it can connect to that network to provide broadband internet to its customers.

“We have a structural change in the industry where, essentially, a significant proportion of our business is being aggressively transferred to this new entity,” Penn said, adding that it “basically takes away about a third-to-half of our earnings in a lot of our activity.”

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Ex-Goldman banker Roger Ng returning to US to face charges

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Copies of the Financial Daily newspaper featuring a front page report on Goldman Sachs Group Inc. are displayed for sale at a stand in Kuala Lumpur, Malaysia, on Tuesday, Dec. 18, 2018.

Nadirah Zakariya | Bloomberg | Getty Images

Copies of the Financial Daily newspaper featuring a front page report on Goldman Sachs Group Inc. are displayed for sale at a stand in Kuala Lumpur, Malaysia, on Tuesday, Dec. 18, 2018.

Roger Ng, a former Goldman Sachs Group banker accused of playing a role in defrauding sovereign wealth fund 1Malaysia Development Berhad (1MDB), will return to the United States to face criminal charges against him, his lawyer said on Thursday.

Ng will waive extradition to the United States on Friday during an appearance in a court in Malaysia, according to his lawyer Marc Agnifilo. Ng intends to plead not guilty when he appears in a U.S. federal court, Agnifilo said.

Ng, who left Goldman Sachs in the spring of 2014, has been detained in Kuala Lumpur since Nov. 1, shortly after the U.S. Department of Justice announced charges against him for allegedly laundering funds siphoned off from 1MDB.

Tim Leissner, another Goldman Sachs official, and Malaysian financier Low Taek Jho have also been charged in the United States over the alleged theft of billions of dollars from 1MDB.

“As we have said all along, we are outraged that any employee of the firm would undertake the actions detailed in the government’s charges,” a Goldman Sachs spokesman said when asked about Ng.

Goldman Sachs itself is being investigated by Malaysian authorities and the U.S. Department of Justice for its role as underwriter and arranger of three bond sales that raised $6.5 billion for 1Malaysia Development Berhad.

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