Inflation watch; Chipotle’s new CEO; Fraud in India

1. Inflation watch: U.S. inflation came in at 2.1% in January compared with a year earlier, another sign that wages are rising for workers. The figure was higher than economists expected.

It’s a welcome sign that reflects the health of the economy. Wages and prices have been stagnant for years following the Great Recession, even as unemployment has fallen and millions of jobs have been created added.

But for investors, faster inflation makes it more likely that the Federal Reserve will raise interest rates more quickly this year.

2. Stock market overview: Dow futures quickly flipped into negative territory in early morning trading. They were up before the inflation figure came out.

Stocks had steadied on Tuesday following a week of high volatility.

Most European markets posted losses on Wednesday, while Asian markets ended the day in positive territory. The Hang Seng stood out from the pack with a 2.3% jump.

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3. Market movers — Chipotle, Fossil, Sky, Credit Suisse: Shares in Chipotle Mexican Grill (CMG) surged premarket after the chain announced that Brian Niccol will take over as CEO on March 5.

Niccol has led Yum Brands’ (YUM) Taco Bell division since January 2015.

Shares in Fossil (FOSL) surged about 60% in extended trading after the retailer reported better-than-expected earnings and progress in its turnaround strategy.

Sky (SKYAY) shares were 3% higher in London trading after the broadcaster announced a new multi-billion dollar deal to continue airing Premier League soccer games over the next four years.

Credit Suisse (CS) stock gained after the bank announced its latest financial results. The Swiss bank reported a loss for the year after getting hit by charges related to recent U.S. tax reforms.

Top investors and hedge fund managers such as Warren Buffett, George Soros and Carl Icahn are expected to disclose their investments from the fourth-quarter in required regulatory filings called 13Fs.

4. Earnings : Dr Pepper Snapple (DPS), Groupon (GRPN), Hilton (HLT), Molson Coors Brewing (TAP) and Wyndham Worldwide (WYN) will release earnings before the open.

Cisco Systems (CSCO), Hyatt Hotels (H), Marriott (MAR) and TripAdvisor (TRIP) will follow after the close.

5. Eyes on India: One of India’s biggest banks has discovered $1.8 billion of fraudulent activity at one of its branches in Mumbai.

Punjab National Bank’s stock sank around 9% after the company said it “detected some fraudulent and unauthorized transactions.”

Other Indian financial giants may also be affected by the fraud.

“Based on these transactions, other banks appear to have advanced money to these customers abroad,” Punjab National Bank said.

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6. Coming this week: Wednesday Earnings from Cisco (CSCO), Marriott (MAR) and TripAdvisor (TRIP) Thursday CBS (CBS) earnings Friday Earnings from Coca-Cola (KO), Campbell Soup (CPB), Kraft Heinz (KHC), Smucker (SJM), Newell Brands (NWL) and Deere (DE)

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