Banks, miners drag Australia stocks to over 1-year low on global tariffs rout

(Updates with share moves at 0050 GMT)

April 7 (Reuters) - Australian shares fell 6% at the open on Monday, dragged by heavy losses in banking, mining and energy stocks, as investors fled to the safety of government bonds amid a rout in global markets sparked by U.S. President Donald Trump's tariffs.

The S&P/ASX 200 index fell about 6.5% to 7,169.20 points by 0050 GMT, hitting its lowest level since December 8, 2023. The benchmark is headed for its worst day since March 2020.

The carnage came as White House officials showed no sign of backing away from their tariff plans, with Trump adding on Sunday that he was not intentionally engineering a market selloff.

Trump said "sometimes you have to take medicine", and he would not make a deal unless the trade deficit with China is solved.

In Sydney, miners dragged the benchmark with an 8.2% fall, tracking lower iron ore prices from last week. The sub-index hit its lowest level since November 2020.

Major miners Rio Tinto, BHP Group ( BHP ) and Fortescue posted falls between 5.3% and 8.3%.

Banks declined 7.4%, weighing on the benchmark as well, with the 'Big Four' lenders losing between 6.3% and 7.8%. The sector posted its biggest intraday decline since March 2020.

Energy stocks fell 9.7% to their lowest level since November 2020, tracking weaker global oil prices.

Energy majors Woodside Energy ( WDS ) and Santos fell 7.5% and 11.4%, respectively.

Gold stocks also lost 8.4%, tracking a selloff of the bullion by investors to cover their losses from the wider market meltdown.

Gold miner Evolution Mining ( CAHPF ) tumbled 10.2%.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index also declined 3.5% to 11,800.15 points.

The Reserve Bank of New Zealand's cash rate decision, due on April 9, will be in focus. (Reporting by Byron Kaye in Sydney and Shivangi Lahiri in Bengaluru; Editing by Kim Coghill and Eileen Soreng)