Israel’s President Herzog gives Gadi Eisenkot the first chance to form the next government

Israeli President Isaac Herzog has tasked Gadi Eisenkot, leader of the opposition party, with the first opportunity to form the next government, a constitutional step that begins a defined negotiation window before coalition terms are set. The primary market transmission channel is political risk premium: governing-coalition uncertainty can affect sovereign risk perception, shekel valuations, and the cost of Israeli sovereign debt, particularly where policy direction on fiscal spending, defense budgets, and judicial reform may shift. Israeli shekel-denominated government bonds, the Tel Aviv equity benchmarks, and shekel forward markets are the most directly exposed, with banking and defense-linked shares sensitive to changes in expected budget allocation. Traders should watch the coalition-formation deadline and any signals on the composition of a potential government, as well as the Bank of Israel's next rate decision and inflation prints, which will shape how political developments feed into rate expectations.

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