Miners, banks propel Australian shares to seven-session high

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ASX 200 index ends 1.3% higher

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Miners lead gains, rise 2.1%

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Banks end 1.2% higher

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Gold stocks touch record high in early trade

(Updates to close)

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

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

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

Gold miner Evolution Mining added 2.6%.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.7% to 12,107.54 points at close. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Sherry Jacob-Phillips)