Australian shares inch higher as miners parry losses in banks

March 14 (Reuters) - Australian shares inched higher on Friday, as losses in heavyweight financial stocks were slightly overshadowed by miners' gains, while investor appetite remained subdued as worries of an escalation in global trade tensions weighed.

The S&P/ASX 200 index .AXJO snapped a three-day losing streak, rising 0.2% to 7,763.5, as of 2335 GMT. However, it is set to log a weekly loss of 2.1%, its fourth in a row.

On Wednesday, the benchmark dropped 10.1% from its record peak on February 14, which is commonly known as a market correction.

Risk sentiment took a hit overnight on global trade tensions after U.S. President Donald Trump threatened duties of 200% on European beverage imports if the European Union does not remove U.S. whiskey surcharges. MKTS/GLOB

Banking stocks .AXFJ, down 0.2%, are set to log their ninth straight session of losses. Three of the 'Big Four' banks, Commonwealth Bank of Australia CBA.AX, Westpac WBC.AX and ANZ ANZ.AX, fell between 0.7% and 1.5%, while National Australia Bank NAB.AX was up 0.3%.

Mining stocks .AXMM, accounting for nearly a quarter of the benchmark as per market capitalisation, surged 1.6% after three sessions of losses, as iron ore prices rebounded. IRONORE/

Mining giants BHP BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX gained 1.5%, 0.8% and 1.4%, respectively.

Gold stocks .AXGD soared to an all-time peak on the back of bullion prices racing to a record high as investors flocked to safe-haven assets. Sector leaders Northern Star Resources NST.AX and Evolution Mining EVN.AX advanced 3% and 3.4% respectively. GOL/

Energy stocks .AXEJ were an outlier, down 0.4%, as oil prices settled lower on tariff uncertainties affecting global demand, with subindex major Woodside Energy WDS.AX slipping 0.6%.

In New Zealand, the S&P/NZX 50 index .NZ50 logged its fourth straight session of losses, falling 0.5% to 12,153.95. The benchmark is set to shed nearly 1.9% for the week, eyeing its worst since December 2.

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