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• Crude Oil Futures Fall On Economic Woes
• Australian Stock Market Report – Midday 6/26/2012
• Oil Price to Remain Volatile

• BHP 100% Rate It
• RIO 100% Rate It

AFTERNOON REPORT
(5.30pm AEST)

Local stocks have started the trading week in the red, as investors opt to stay out of the market ahead of a key European Union summit later this week and square their books ahead of the end of the financial year. The All Ordinaries Index (XAO) today lost 21.8pts or 0.5pct to 4072, while the ASX 200 (XJO) lost 20.4pts or 0.5pct to close at 4027.8.

Energy and mining stocks were once again some of the worst performers, despite strength in commodities. The oil price is back above US$80 a barrel as a cyclone forms in the Gulf of Mexico, potentially threatening supply. Meanwhile a major investment bank today downgraded material stocks in the wake of the implementation of the mining and carbon taxes. Shares in index leader BHP Billiton ( BHP ) lost 1.4pct to $31.07 while Rio Tinto ( RIO ) was weaker by 0.2pct to $55.90.

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