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 articles from Alejandro Padilla Santana

Mexico: 1H-Sep inflation – Upward surprise amid signals of broader pressures

Inflation at 0.42% 2w/2w in 1H-Sep. This was much higher than consensus at 0.28%, and to our 0.29%. First, and contrary to our view, we highlight an acceleration at the core. Considering other potential episodes of volatility (due to the fiscal impas...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 23 September 2021

Mexico: Budget Proposal 2022 – Realistic despite an optimistic GDP outlook

On revenues, upward adjustments were made due to more favorable assumptions. In the detail, and considering the new estimates above, a 2.65 y/y decline is expected in oil-related income because of a steeper downward revision in the price of crude oil...
Banorte Gabriel
Gabriel Casillas Olvera @ Banorte 9 September 2021

Weekly economic calendar - For the week ending September 10, 2021

In the US, attention on Biden’s possible decision on extending Powell’s mandate for a second term. In the Eurozone, the ECB decision and ZEW expectations survey. In China, consumer and producer prices and trade balance. In Mexico, industrial producti...
Banorte Gabriel
Gabriel Casillas Olvera @ Banorte 6 September 2021

Mexico: Banxico QR - Modest changes to the outlook, keeping a hawkish tilt

Banxico published today its 2Q21 Quarterly Report (QR). As a result, the box concludes that inflation during the pandemic has been mostly driven by global factors. Nevertheless, they keep stressing their high data dependency, which is key as the Boar...
Banorte Gabriel
Gabriel Casillas Olvera @ Banorte 31 August 2021

Mexico: Banxico Minutes – Strong discussions around the persistency of inflation

In line with our view, the tone remains hawkish. Finally, Deputy Governor Esquivel remained critical of the hikes, since “…an interest rate increase would have no effect on inflation stemming from supply shocks…” but could compromise the convergence ...
Banorte Gabriel
Gabriel Casillas Olvera @ Banorte 26 August 2021

Mexico: 1H-August inflation – Negative on a new price ceiling for LP gas

Inflation below expectations in 1H-Aug, at -0.02% 2w/2w. This was lower than consensus at 0.05%, but closer to our 0.03%. In turn, services stand at 3.4%, within the central bank’s variability range around the 3% target. In our view, market participa...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 24 August 2021

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