Miners, banks propel Australian shares to seven-session high

By Shivangi Lahiri

April 14 (Reuters) - Australian shares ended at a seven-session high on Monday, aided by miners and banks, after Washington exempted computers and smartphones from "reciprocal" U.S. tariffs, although the possibility of future levies tempered risk appetite.

The S&P/ASX 200 index .AXJO advanced 1.3% to end at 7,745.6 points, its highest point since April 3. The Australian benchmark has lost more than 4% since U.S. President Donald Trump announced his punitive tariffs nearly two weeks ago.

Over the weekend, the White House granted exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China, which is Australia's biggest trading partner.

But traders remain wary of Trump's erratic tariff policies and brace for another week of chaotic and abrupt pronouncements that threaten to upend financial markets and global economic growth.

Analysts at Westpac said the shocks to Australia look "relatively small and manageable" due to low direct exposure to U.S. tariffs and China's tariff responses limited the indirect effects.

However, they warned the "external situation could still become more troubling and challenging for the country", warning traders not to be "complacent".

Miners .AXMM led gains in the benchmark index, closing 2.1% higher, with giants Rio Tinto RIO.AX, BHP BHP.AX and Fortescue FMG.AX rising between 0.9% and 2.7%.

Banks .AXFJ gained 1.2% at close, with the "Big Four" lenders adding between 0.9% and 1.7%.

Australian gold stocks .AXGD touched a record peak earlier in the day and closed 1.7% higher, even as bullion prices dipped. GOL/

Gold miner Evolution Mining EVN.AX added 2.6%.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.7% to 12,107.54 points at close.

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