Australian shares are trading higher through the middle of the session, led by the major banks.

The S&P/ASX 200 Index is up 40.1 points, or 0.6 per cent, to 6705.8.

Commonwealth Bank has risen 1 per cent, NAB is up 1.4 per cent and Transurban has risen 1.7 per cent.

A2 Milk has risen 5.6 per cent, Wisetech Global has added 4.9 per cent and Bravura Solutions is up 3.7 per cent.

National Australia Bank's wealth arm faces a $100 million legal claim that it ripped off superannuation customers by overcharging commissions to financial advisers.

William Roberts Lawyers and heavyweight litigation funder IMF Bentham will launch a class action on behalf of MLC Super fund customers alleging the fund breached its obligations to act in their best interests.

The alleged overcharging was investigated by Commissioner Kenneth Hayne as part of the financial services royal commission.

In 2013, the Future of Financial Advice reforms banned the payment of commissions and other payments to financial advisers if these might influence the advice they gave to retail clients, though certain payments made before this time were allowed to be grandfathered.

Emma Koehn and Patrick Hatch have the full story here.

Many people have been wondering just what is going on with scandal-ridden Retail Food Group. Well they might too given it has had an almost 70 per cent rise in its share price in the past three trading days.

The big question is at what stage of a share price surge like that does continuous disclosure kick in?

We got the answer to that question after this column on Tuesday afternoon revealed that RFG and KordaMentha's restructuring arm 333 Capital have been holding talks with a number of funds, local and global, about a possible debt and equity rescue package.

Adele Ferguson has the full story here.

The US Energy Information Administration has pared its 2019 forecast for global demand for oil by 200,000 barrels a day, the sixth consecutive month it has lowered that forecast.

The downward revision "reflects lower-than-expected oil consumption so far this year, in addition to slowing economic growth in many of the world's largest oil-consuming countries", the US government agency said in its July market report.

"Warmer-than-normal weather in OECD countries and slowing economic growth contributed to lower demand."

The EIA is now forecasting global demand this year will be 101 million barrels a day.

Timothy Moore has the full story here.

Wholesaler Metcash is beefing up the retail skills on its board by appointing former Super Retail Group chief executive Peter Birtles and veteran retailer Wai Tang as non-executive directors.

Mr Birtles retired from Super Retail Group in February after 13 years as CEO and five years as chief financial officer. SRG owns auto accessories chain Super Cheap Auto, Rebel Sport and outdoor leisure businesses BCF and MacPac.

Before joining SRG, Mr Birtles worked with health and beauty chain The Boots Co in the United Kingdom and Australia for 12 years.

Sue Mitchell has the full story here.

Australian shares opened Wednesday's trade higher, rising firmly, led by the major banks.

The S&P/ASX 200 Index is up 32.5 points, or 0.5 per cent, to 6698.2.

Commonwealth Bank is trading 0.9 per cent higher, Westpac and NAB are also up 0.9 per cent while ANZ has added 0.8 per cent.

A2 Milk is trading 4.4 per cent higher, Janus Henderson has firmed 2.9 per cent and Wisetech Global has advanced 1.9 per cent.

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Investors stayed largely on the sidelines globally overnight ahead of central bank meetings but futures are pointing to a 36-point gain at the open for the ASX, writes Kyle Rodda.

Financial markets ambled overnight, as traders prepare for several days of central bank related event risk. Wall Street traded flat, with the S&P500 closing slightly higher on another day of thin volumes.

Though a bounce in tech shares did support a rally in the NASDAQ. However, the ASX200 ought to defy the torpor, with SPI Futures pointing to a roughly 30-point jump at the open today. The US Dollar is up across the board, as traders prepare for a slew of Fed-speeches to end the week, pushing the Australian Dollar, in turn, to around the 0.6930 mark. While both oil and gold are marginally higher.

Read the full 8@eight here.

Here are the overnight market highlights:

ASX futures up 36 points or 0.6% to 6632
AUD -0.6% to 69.29 US cents (Overnight low 69.21)
On Wall St: Dow -0.1% S&P 500 +0.1% Nasdaq +0.5%
In New York, BHP -0.6% Rio +0.2% Atlassian +1.9% 3M -2.1%
In Europe: Stoxx 50 -0.4% FTSE -0.2% CAC -0.3% DAX -0.9%
Spot gold +0.2% to $US1398.46 an ounce at 2.05pm New York time
Brent crude +0.1% to $US64.19 a barrel
US oil +0.2% to $US57.80 a barrel
Iron ore +2.7% to $US121.57 a tonne
Dalian iron ore -1.4% to 871 yuan
LME aluminium -0.6% to $US1820 a tonne
LME copper -1.2% to $US5822 a tonne
2-year yield: US 1.91% Australia 0.95%
5-year yield: US 1.88% Australia 1%
10-year yield: US 2.06% Australia 1.32% Germany -0.36%
10-year US/Australia yield gap near 7.40am AEST: 74 basis points