The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was very eventful this week. Here are four big events that affected the index:
A share market crash
The big news of the week has been a large fall in the international and local share market as investors worried about rising bond rates due to rising US Fed interest rates.
Asset prices should go down in value, in theory, when interest rates rise. Investors are finally realising that higher rates are here to stay with the US economy performing strongly.
The S&P/ASX 200 ended the week down 4.5%.
AMP Limited (ASX: AMP) woes continue
AMP shareholders can't seem to catch a break. After an excruciating Royal Commission process throughout this year, AMP may have thought it would be pleasing shareholders by announcing the sale of AMP Life for $3.3 billion.
Not so, it seems. The AMP share price is down around 27% since the announcement and it's currently sitting at a 15-year low, nearly at the all-time low price seen briefly in 2003.
AGM Season is in full swing
Many companies are holding their annual general meetings (AGMs) at the moment. One of the highlights was WiseTech Global Limited (ASX: WTC) upgrading its guidance.
Some of the other businesses to update the market this week were JB Hi-Fi Limited (ASX: JBH), Qantas Airways Limited (ASX: QAN) and Propel Funeral Partners Ltd (ASX: PFP).
Changing of the CEO guard
During the AGMs, we have seen a number of announcements where the CEOs will be moving on.
Super Retail Group Ltd (ASX: SUL) and Class Ltd (ASX: CL1) experienced strong sell-offs with Challenger Ltd (ASX: CGF) also suffering a 4.6% fall today due to Brian Benari's announced departure.
It remains to be seen if the amount of CEO changes happening is coincidence or if the CEOs are essentially calling the top of the market by retiring before the storm.
