The Australian share market has recovered from an early dip to be almost flat by lunchtime after US President Donald Trump flagged a trade deal announcement with an unnamed nation.

The S&P/ASX200 was almost flat at 8178.2, while the All Ordinaries lifted slightly by 7.5 points, or 0.09 per cent, to 8407.3.

The moves followed a choppy but ultimately positive Wall Street session after the US Federal Reserve kept rates on hold as expected and chair Jerome Powell cited stagflation risks in a relatively hawkish public address.

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Mr Trump, who has insulted Mr Powell and called for the central bank to cut rates, then helped lift US futures and the local bourse higher after announcing the United States had struck its first trade deal with an unnamed country.

“Big News Conference tomorrow morning at 10:00 A.M.,” he wrote on his Truth Social platform.

“The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!”

The local bourse had slipped as much as 0.3 per cent in early trading before bouncing back towards the break-even level.

Seven of 11 local sectors were trading higher, with Financials down 0.8 per cent and energy stocks pushing 0.5 per cent lower.

ANZ shares lost two per cent in early trading after announcing a $3.6 billion profit but its cash profit was flat on the corresponding half.

NAB was up 1.3 per cent after beating earnings expectations on Wednesday, and Westpac has continued to sell off, down 3.8 per cent and losing more than eight per cent for the week after its first-half performance disappointed investors.

Suncorp shares are down 1.8 per cent after the insurance giant warned it was looking at $1.1 billion in natural disaster-related costs in the 10 months to April.

Concerns about the global economic outlook and trade tensions between the US and China weighed on oil prices, with Brent crude futures trading at $US61.30 (A$94.97) and weighing on energy stocks.

The materials sector was flat, with large-cap miner BHP down 0.6 per cent, but broadly cautious investor sentiment pushing gold miners higher.

Health care stocks edged higher after a more than five per cent surge in imaging company Pro Medicus on the back of a $20 million deal with University of Iowa Health Care.

Pushing the sector in the opposite direction, CSL was down almost seven per cent since Tuesday after Mr Trump signed an order to boost local pharmaceuticals and hinted at tariffs for the sector.

The Australian dollar is trading slightly lower to buy 64.57 US cents, down from 64.83 US cents on Wednesday at 5pm.

The Aussie has recovered after dipping against the greenback in the wake of the US Fed meeting, after chair Mr Powell’s hawkish outlook sparked a brief US dollar rally.