Santiago Leal Singer


Senior Strategist, Fixed Income and FX @ Banorte

Santiago Leal has more than 6 years of experience at Grupo Financiero Banorte and is currently appointed as Fixed-Income and FX Senior Strategist in the Economic Research division. He specializes in government debt, foreign exchange, and commodities markets. Prior to these responsibilities, he was part of the New Business Development team in Government Banking. He is an active speaker in economic and market related conferences, he is frequently cited in local and international media, and he wrote a monthly column in El Financiero Bloomberg. Santiago is an Industrial Engineer from Universidad Iberoamericana.

Santiago Leal Singer
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Latest articles from Santiago Leal Singer

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: Aug inflation – Diverging dynamics in the headline and core components

Annual inflation declined to 5.59% from 5.81% in July. At the core, processed foods (0.7%) remain on the upside, while other goods (0.7%) were affected by an adverse seasonality –the end of summer discounts on clothing–. Services edged up 0.1%, with ...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 9 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

Mexico: Banxico – Hike confirms the restrictive cycle, despite a divided Board

Banxico hikes 25bps, in line with expectations. Therefore, and as signaled last week, the institution revised their quarterly inflation forecasts strongly to the upside. Specifically, we maintain our call of three additional 25bps hikes for the rest ...
Banorte Gabriel
Gabriel Casillas Olvera @ Banorte 12 August 2021

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Santiago Leal Singer
Manuel Jimenez Zaldivar
Alejandro Padilla Santana
Leslie Thalia Orozco Velez
Fixed Income - Sovereign
Francisco Jose Flores Serrano
Juan Carlos Alderete Macal