Aberdeen Asset Management says in its latest monthly roundup of investment trust activity that substantial economic recovery remains elusive, particularly in America and Europe.

"Pent-up demand for replacement capital expenditure may provide a temporary boost to growth, but in the absence of real income growth and higher consumer spending, positive effects are likely to prove short lived.," it says.

"Global financial markets shrugged off prevailing pessimism over economic fragilities and sovereign debt-financing woes to perform strongly during the month. Developing markets such as Thailand, Taiwan, Mexico and Indonesia were amongst the strongest performers, whilst the UK and Japan disappointed in relative terms."

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