Tom Holland

Tom Holland

Deputy Global Research Director

Tom helps to steer Gavekal’s global research, with a special focus on geoeconomics and energy markets. Before joining Gavekal in 2014 he worked as an analyst and commentator at media organizations including CNBC, The Wall Street Journal and the Far Eastern Economic Review, earning his spurs as the lead foreign exchange analyst for Dow Jones during the 1997-98 Asian currency crisis. He originally started his working life as an exploration geologist, until a collapse in commodity prices forced him into journalism as the traditional refuge of the otherwise unemployable.

Tom Holland's Articles

Selected research

The State Of World Oil Stocks
2 Jun 2026
In recent days, we’ve heard some apocalyptic warnings from oil industry executives about the depleted state of global petroleum stocks, and what will happen if Washington and Tehran fail to agree an interim peace deal that gets tanker traffic flowing through the Strait of Hormuz again. These guys know their industry. But are oil stocks really so run down that if the US and Iran cannot agree a preliminary truce in the next few days, we will see oil prices spike another 50% to US$150/bbl before the month is over?
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Geoeconomic Monitor:  Dialogue And Discord
Geoeconomic Monitor: Dialogue And Discord
Tom Miller, Cedric Gemehl, Tom Holland
29 May 2026
Markets continue to gyrate around the daily war headlines. We will not get excited until we see traffic flowing through the Strait of Hormuz and an end to the oil shock. Farther east, Tom Miller finds signs that US president Donald Trump is no longer committed to moving fast and breaking things. The next hotspot for a trade war with China could be Europe, warns Cedric Gemehl. And Russia’s economy may be faltering but is not on its last legs, says Tom Holland.
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Rose-Tinted Markets
Rose-Tinted Markets
Tom Holland
26 May 2026
Markets in Asia largely shrugged off the news Tuesday morning that the US military had launched fresh attacks against targets in Southern Iran, preferring Monday’s narrative that Washington and Tehran are on the edge of sealing a preliminary peace deal that will reopen the Strait of Hormuz to international shipping. A deal might be in the offing, but trust is low, the obstacles are formidable and progress is slow.
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