FEAR & GREED | Business News Afternoon Report | ASX drops on tech sell-off
Feb 13, 2026
Markets slip as tech stocks sell off, dragging the ASX lower. A sudden change in party leadership and its political fallout make headlines. Big corporate results spark sharp share moves for several listed companies. US immigration enforcement actions in Minnesota draw national attention. An unexpected first Winter Olympics gold for Australia provides a feel-good twist.
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Tech-Led ASX Slide Accelerates
- The ASX 200 fell 1.4% as tech stocks led a widening sell-off driven by AI fears.
- The tech sector has lost 23% of its value over the past month, accelerating recent losses.
Bank Results Don't Guarantee Rally
- Major banks slipped after mixed sessions despite some strong quarterly results.
- Westpac reported a $1.9 billion quarterly profit yet its share price still dipped, showing earnings don't always move markets immediately.
Angus Taylor Wins Liberal Leadership
- Angus Taylor toppled Susan Lee to become Liberal leader with a 34–17 party-room vote.
- Taylor emphasised immigration and lower taxes while pitching to voters tempted by One Nation.