Israel’s president taps opposition candidate Eisenkot to form a government, in setback for Netanyahu

Israel's president has tasked Benny Gantz's former ally and opposition figure Gadi Eisenkot with attempting to form a government, a move that represents a political setback for Prime Minister Benjamin Netanyahu. The transmission channel for markets runs primarily through political risk premia and domestic policy expectations, since a change in the coalition-building mandate raises the prospect of a different fiscal, security, and judicial policy path than the current government has pursued. Israeli equities, the shekel, and Israeli sovereign bonds are the most directly exposed, as investors reprice the probability of a government change against ongoing defense spending and budget uncertainty. Traders should watch whether Eisenkot can assemble a viable majority within the mandated timeframe, as coalition negotiation headlines and any early statements on the budget and defense spending will likely drive near-term moves in the shekel and Tel Aviv-listed financials.

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