News: XEJ Australia shares slip as recession worries weigh on commodities

June 24 (Reuters) - Australian shares tumbled on Friday with local miners and energy stocks leading losses, as rising concerns about a recession extended weakness among the prices of commodities.

The S&P/ASX 200 index (xjo) fell 0.11% to 6,521.1 points by 0051 GMT, but was up 0.7% for the week. The benchmark ended 0.31% higher on Thursday.

Domestic investors sought to counter declines in commodities against a broader global rally led by Wall Street overnight. Nevertheless, they had a cautiously positive week.

Energy stocks .AXEJ skidded as much as 2.5% to be the biggest laggards on the main index, after oil prices dropped by nearly $2 a barrel overnight after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S. interest rate hikes would slow economic growth.

Sector heavyweights Woodside Energy (WDS) and Santos (STO) declined 3% and 3.1%, respectively, with Santos hitting its lowest since Feb. 25.

Mining stocks .AXMM fell 1.9% after prices of base metals tumbled overnight amid concerns about a global recession.

Sector heavyweights BHP Group (BHP) , Rio Tinto (RIO) and Fortescue (FMG) dropped between 2.2% and 2.5%, with BHP and Rio hitting their lowest since May 10.

Shares in Vulcan Energy (VUL) surged 24.6%, set to mark their best day since Jan. 19, after the lithium miner announced it had brought European automaking giant Stellantis STLA.MI on board as its second-largest shareholder.

Qantas Airways (QAN) was up 1.6% after the airlines group said its net debt was expected to fall to around A$4 billion ($2.76 billion) by June 30 and that it anticipates a return to profit in financial year 2023.

New Zealand's benchmark S&P/NZX 50 index (nz50) did not trade on account of a public holiday.

($1 = 1.4499 Australian dollars)