Although stocks have recovered from recent volatility, investors should look for stocks that are still relatively cheap. Markets globally have been very volatile recently. Earlier this month, the Japanese stock market posted its biggest drop since Wall Street’s “Black Monday” in 1987, and the contagion spread to other markets in the Asia-Pacific region, which saw severe declines. Markets in the U.S. and Europe also saw sharp declines, but have since recovered. However, many stocks may still have attractive valuations relative to their sectors. Investors are also watching the expected Federal Reserve rate-cutting cycle, which should be positive for U.S. stocks, but how will that affect global markets? Given the economic uncertainty due to China and U.S.-China trade tensions, investors are likely to favor Asian markets with proven earnings growth, Citi said in an Aug. 24 note. Meanwhile, markets in Latin America are expected to improve as the Fed eases, Citi said. The shares have underperformed this year, but this could prove to be a buying opportunity for investors targeting Brazil and Mexico, the bank said. With that in mind, CNBC Pro searched FactSet for global stocks that are cheaper than their industry average and expected to have positive earnings growth. We used this criteria: Market value of more than $1 billion Earnings per share growth for the next 12 months is greater than zero Percent change in revenue and earnings per share for the last four quarters is greater than zero Price-to-earnings ratio is lower than the stock’s industry average These stocks have come out on top.