Australian shares gain as deal averts trade war fears

The Australian share market was up after the US and European Union struck a trade deal. (Bianca De Marchi/AAP PHOTOS)

The local share market has finished higher after the US and the European Union agreed on a preliminary trade deal, greatly easing fears of a global trade war.

The benchmark S&P/ASX200 index on Monday closed up 30.8 points, or 0.36 per cent, to 8,697.7, while the broader All Ordinaries rose 29.2 points, or 0.33 per cent, to 8,963.5.