Markets am: December starts on cautiously positive tone, Pension...

To view this email as a webpage, click here     Monday December 02 2013     Markets   December starts on cautiously positive tone   The Australian dollar strengthens after two China surveys show positive manufacturing activity in November       Pension charge cap is blunt tool   Keeping costs low would be the single most important innovation anyone could make in the auto enrolment pension arena     Investor exuberance is still rational   In 1999, the forward price/earning multiple on the S&P 500 was in excess of 24 times; currently, it is about 15 times, says Richard Madigan     New Zealand dollar boosted by trade data   China provides a lift for most commodity currencies, with the country's official purchasing managers' index indicating a pick-up in activity     Numis comes third among brokers   Mid-cap groups win business against bulge bracket banks damaged by scandal, but JPMorgan Cazenove retains top spot with 93 clients         Video   'Active' managers hug the index   UK asset managers are not being active enough, missing out on opportunities by passively tracking market indices, but still charging high fees. Gina Miller, founding partner of SCM Private, tells John Authers about the pitfalls of closet indexing           Manage email    Forward this email   Feedback    Manage portfolio Subscribe to the FT Follow the FT   Unsubscribe | My Account | RSS | Privacy Policy | About Us | Help   © THE FINANCIAL TIMES LTD 2013 You have received this email because you have signed up from the NBE preference page. This email was sent by a company owned by Pearson plc, registered office at 80 Strand, London WC2R 0RL. Registered in England and Wales with company number 53723.