Alejandro Padilla Santana


Executive Director of Economic Research and Financial Markets Strategy @ Banorte

Alejandro Padilla has 15 years of experience as a professional economist and macro strategist. Mr. Padilla is Executive Director of Economic Research and Head of Financial Markets Strategy (Fixed Income, Currencies, Commodities and Equities) at Grupo Financiero Banorte, the second largest bank in Mexico. He has been part of Banorte’s team for the last 10 years. Previously, Mr. Padilla worked for more than 3 years at J.P.Morgan Chase as emerging markets strategist, based primarily in the Mexico City office. He has also worked in the financial sector in areas related to treasury and IR. Mr. Padilla obtained a Master’s degree in Economics from University of Stellenbosch, together with an Honours degree (graduate level) in Financial Economics from the same institution. He holds a Bachelor’s degree in Economics from ITAM in Mexico and a Corporate Finance diploma from Kellogg/Northwestern University. On the academic front, Mr. Padilla has lectured in the MBA program at Universidad Iberoamericana and at several diploma programs about corporate finance and market economy at Tecnológico de Monterrey – EGADE Business School, Universidad Anáhuac and Riskmathics. He actively participates in national and international publications, as well as in radio and TV specialized programs, highlighting a monthly newspaper column at El Financiero Bloomberg. He was awarded with the “Future Leaders” distinction in 2017 by the Institute of International Finance. Since 2020 is part of the Economic Studies Committee from IMEF. He has dictated several conferences about economics and financial markets in Mexico, United States, Europe and Asia

Alejandro Padilla Santana
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Latest from Alejandro Padilla Santana

Weekly economic calendar - For the week ending December 9, 2022

In the US, University of Michigan’s consumer sentiment and trade balance. Final 3Q22 GDP in the Eurozone, trade balance and inflation in China, and monetary policy decision in Brazil. In Mexico, November CPI, GFI, private consumption, and the banking...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 5 December 2022

Mexico: Minimum Wage – 20% increase in 2023

Today, CONASAMI announced a 20% increase in the minimum wage for 2023, from $172.87 to $207.44 per day. The government maintains its policy of a gradual recovery in wages, with support from unions and the private sector. This news comes in an environ...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 2 December 2022

Mexico: Banxico QR – Upward revisions to GDP provide room for hikes to continue

The document does not show a meaningful change in the central bank’s tone, reaffirming the less hawkish bias. We highlight upward revisions for activity, with 2023’s GDP at 1.8% from 1.6%. and in 2022 at 3.0% from 2.2%. We hold our view of +50bps in....
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 30 November 2022

Weekly economic calendar - For the week ending December 2, 2022

In the US, focus on nonfarm payrolls, 3Q22 GDP, and ISM manufacturing, among other figures. Inflation in the Eurozone, PMI manufacturing in China, as well as 3Q22 GDP and industrial production in Brazil. In Mexico, we highlight Banxico’s Quarterly Re...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 28 November 2022

Mexico:3Q22 GDP-Dynamism prevails despite a deterioration in external conditions

GDP rose 0.9% q/q (4.3% y/y), with upward adjustments in annual figures but lower dynamism in sequential terms. Agriculture led at +2.0% q/q, with services high at +1.1%, and industry at +0.6%. The latter two were revised lower. We maintain our full-...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 25 November 2022

Banxico Minutes–Debating the relative stance with the Fed and the terminal rate

In our opinion the document reaffirms a less hawkish tone, with all members agreeing that hikes must continue. The debate centered on importance of the relative monetary stance and the possible level for the terminal rate. We maintain our call of +50...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 24 November 2022

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Alejandro Padilla Santana
Fixed Income - Sovereign
Juan Carlos Alderete Macal
Francisco Jose Flores Serrano
Manuel Jimenez Zaldivar
Katia Goya Ostos