The local share market has moved higher after the US and the European Union agreed on a preliminary trade deal over the weekend, apparently avoiding the threat of a global trade war.

At noon AEDT on Monday, the benchmark S&P/ASX200 index was up 26.8 points, or 0.31 per cent, to 8,693.7, while the broader All Ordinaries had gained 25.4 points, or 0.28 per cent, to 8,958.3.

During a meeting at Donald Trump’s Scottish golf course, the US president and his EU counterpart announced they had reached agreement on the framework for a trade deal, days before a US-imposed Friday deadline to strike a bargain.

The details remained vague and nebulous, however.

Traders were also watching for this week’s Federal Reserve meeting.

Despite Mr Trump’s threats, a rate cut is seen as unlikely, with the futures market giving it just three per cent implied odds.

ANZ’s research team said it would be looking at any tweaks to the language of the rate-setting Federal Open Market Committee statement, as well as comments from Fed chair Jerome Powell that might signal the September meeting is “live” for a rate cut.

Closer to home, the Australian Bureau of Statistics on Wednesday will release second-quarter inflation data that could determine whether the Reserve Bank cuts rates next month.

Eight of the ASX’s 11 sectors were higher at midday, with energy, materials and utilities lower.

In the energy sector, Boss Energy had plunged 41.5 per cent to a more than three-year low of $1.99 after the uranium producer flagged higher costs and other challenges at its Honeywell uranium mine in South Australia, which resumed production last year.

Other uranium companies were lower as well, with Deep Yellow dropping 7.1 per cent and Paladin retreating 3.9 per cent.

In the materials sector, BHP was down 0.9 per cent, Rio Tinto had lost 1.1 per cent and Fortescue had retreated 0.5 per cent.

All of the big four banks were higher, however, with CBA, ANZ and NAB all expanding 0.6 per cent and Westpac growing 0.3 per cent.

WiseTech Global was down 0.2 per cent as the logistics platform named a new chief executive.

The Australian dollar was buying 65.75 US cents, from 65.81 US cents at 5pm on Friday.