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 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 US President Donald Trump threatened duties of 200% on European beverage imports if the European Union does not remove US whiskey surcharges.

Banking stocks, down 0.2%, are set to log their ninth straight session of losses.

Three of the ‘Big Four’ banks, Commonwealth Bank of Australia, Westpac and ANZ, fell between 0.7% and 1.5%, while National Australia Bank was up 0.3%.

Mining stocks, 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. Mining giants BHP, Rio Tinto and Fortescue gained 1.5%, 0.8% and 1.4%, respectively.

Gold stocks 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 and Evolution Mining advanced 3% and 3.4% respectively.

Australia shares edge higher from seven-month lows as bargain hunters step in

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

In New Zealand, the S&P/NZX 50 index 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.