A pick-up in consumer demand, improving economic growth and attractive stock market valuations have contributed to the popularity of emerging markets (EM) this year. HSBC analysts continue to see "justification for a small overweight in EM" from a global perspective, even as the U.S. election outcome will "likely reinforce the era of U.S. equity exceptionalism." Shares in XP are down nearly 50% this year, largely following the start of Brazil's rate hiking cycle in September. "With its strong pricing power and exposure to U.S. infrastructure spending, we see significant rerating potential as Mexican macro concerns ease," the HSBC analysts added. HSBC has a target price of $9 on Cemex's American Depositary Receipt, giving it a roughly 62.2% upside potential from the Wednesday close price.

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Persons: Donald Trump, Trump, — CNBC's Michael Bloom Organizations: HSBC, XP Inc HSBC, XP Inc Locations: China, India, South Africa, Brazil, Greece, Indonesia, South Korea, Mexico, Qatar, U.S