“The U.S. is in the better side of the equity market cycle,” Lomax said in an interview during a trip to Rio de Janeiro.

Mexico sends 80 percent of its exports to the U.S., while China replaced the U.S. as the top destination for Brazil’s exports last year. Lomax rates Mexican stocks “overweight” and recommends investors be “neutral” on Brazil.

The Mexican government says the British-based bank HSBC will invest $700 million to increase the operating capital of its Mexico subsidiary by about 30 percent.

The office of President Felipe Calderon says the investment was announced during a Monday meeting at the presidential residence with top executives of HSBC’s Mexico subsidiary.

Spokesmen for HSBC Group PLC were not immediately available to comment on the report.

Calderon’s office says the investment shows HSBC’s confidence in the Mexican economy. It says the boost will strengthen HSBC’s capitalization and branch office network in Mexico and help increase lending to small- andmedium-size businesses.