Perspectives - Quarterly Newsletter (September 2009)

		Dear Investor, The latest edition of "Franklin Templeton - Perspective" quarterly newsletter cover our views on the global developments, macroeconomic & capital market events. In this issue, the Investment Ideas section focuses on our New Fund Offer - Franklin Templeton Fixed Tenure Fund - XII - Plan B (FTFTF - XII - B). Sincerely, Franklin Templeton Team
		In this issue: President's Letter Mark Mobius Sukumar Rajah Santosh Kamath Investment Ideas - New Fund Launch - Franklin Templeton Fixed Tenure Fund - XII - Plan B

			President's Letter Indian markets benefited from the improved risk appetite amongst global investors that has led to strong FII flows, amidst a broad-based improvement in various economic indicators.... Notwithstanding the impact from near-term risks to growth, India is expected to remain one of the fastest growing economies across the globe and hence enjoys a premium in terms of valuations... Read More Top

	Mark Mobius Aimed at boosting exports, the government unveiled its foreign trade policy for 2009-14 during the period. The policy extends tax incentives for exporters and increases incentives for exporters to explore new markets... In the face of the global economic slowdown, India continues to record exceptionally robust growth rates... The accumulation of foreign exchange reserves also puts the country in a much stronger position to weather external shocks... Read More		Top

			Sukumar Rajah Global equity markets extended gains from the last quarter as risk appetite continued to rise on positive economic data and macro environment... Sustained FII inflows and encouraging economic data helped Indian markets shrug concerns about deficient rainfall and rising inflation. With corporate earnings and economic recovery underway, the case for India remains strong over the medium to long term. A positive policy environment will aid the reform process and enable the transition to a higher growth trajectory over the medium term... Read More Top

	Santosh Kamath Global bond markets rallied during the quarter helped by indications that the easy monetary policies will continue and as investors looked to deploy their cash at higher yields... Global interest rate environment is expected to remain favourable for bond markets, even as the debate about exit strategies continues. Any signs of a break in economic growth momentum could lead to more demand for bonds. However, markets will start to discount the impact of the roll back of low rates and fiscal stimulus in the coming quarters. Read More		Top

			Investment Ideas Franklin Templeton Fixed Tenure Fund - XII - Plan B : The Indian economy has been resilient through the recent global slowdown and the recent recovery across the world, should provide a further boost to growth... In fixed income markets, rates on various securities have started to move up and are expected to have an upward bias. In such an environment, a product taking advantage of the rising debt yields as well as the high return potential of equities over the medium-to- long term, is an ideal solution... Read More Top

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