US stocks slid on Thursday as traders awaited a key speech by President Barack Obama to Congress on stimulating the economy and job growth.

Banks can easily meet APRA's accelerated schedule for introducing new global capital reforms which will help them access funding in credit markets.

Social networking online provider Facebook doubled its revenues in the first half of 2011 to $US1.6 billion ($A1.5 billion), the Wall St Journal reports.

Australian stocks were flat at noon after disappointing jobs data prompted a selloff that left the market briefly in red figures.

Australia's unemployment rate rose to a 10-month high in August and if it gets any higher it could lead to a cut in interest rates, some economists say.

Shares in Cortona Resources shot up after it was given approval to develop what it says is the first major gold mine in NSW in seven years.