Skip to content
The wire
Wall Street
ASXASX 200 9,029.70 up +0.10%as at 9 Nov 2026, 1:52 pm GMT+0800BHP Group (BHP) 59.20 AUD up +2.74%as at 9 Nov 2026, 1:52 pm GMT+0800Commonwealth Bank (CBA) 165.97 AUD down -0.92%as at 9 Nov 2026, 1:52 pm GMT+0800CommoditiesBrent Crude Oil (Brent Futures) 99.69 USD/bbl up +1.42%as at 6 Nov 2026, 6:41 pm GMT+0800WTI Crude Oil (WTI Futures) 91.36 USD/bbl up +0.11%as at 6 Nov 2026, 6:41 pm GMT+0800EuronextCAC 40 8,205.37 up +0.34%as at 6 Nov 2026, 6:41 pm GMT+0800Euro StoxxEURO STOXX 50 6,231.54 down -0.55%as at 6 Nov 2026, 6:41 pm GMT+0800FTSEFTSE 100 10,782.66 down -0.43%as at 6 Nov 2026, 6:41 pm GMT+0800HKEXHANG SENG 24,481.86 down -1.27%as at 6 Nov 2026, 6:41 pm GMT+0800NasdaqAlphabet (GOOGL) 282.57 USD down -2.20%as at 6 Nov 2026, 6:41 pm GMT+0800Amazon (AMZN) 260.21 USD down -2.19%as at 6 Nov 2026, 6:41 pm GMT+0800Apple (AAPL) 344.17 USD down -1.53%as at 6 Nov 2026, 6:41 pm GMT+0800DOW JONES 51,523.06 down -3.44%as at 6 Nov 2026, 6:41 pm GMT+0800Meta Platforms (META) 605.08 USD down -3.96%as at 6 Nov 2026, 6:41 pm GMT+0800NASDAQ 24,315.00 down -5.52%as at 6 Nov 2026, 6:41 pm GMT+0800S&P 500 7,353.73 down -4.36%as at 6 Nov 2026, 6:41 pm GMT+0800Tesla (TSLA) 343.69 USD down -10.77%as at 6 Nov 2026, 6:41 pm GMT+0800NSENIFTY 50 24,818.50 up +1.16%as at 6 Nov 2026, 6:41 pm GMT+0800NYSEBerkshire Hathaway (BRK.B) 572.33 USD down -1.17%as at 6 Nov 2026, 6:41 pm GMT+0800NZXNZX 50 13,998.50 down -0.66%as at 6 Nov 2026, 6:41 pm GMT+0800Russell 2000RUSSELL 2000 2,729.89 down -4.40%as at 6 Nov 2026, 6:41 pm GMT+0800SSESHANGHAI COMPOSITE 3,649.18 down -1.10%as at 6 Nov 2026, 6:41 pm GMT+0800TSENIKKEI 225 57,434.77 down -5.96%as at 6 Nov 2026, 6:41 pm GMT+0800XetraDAX 40 26,325.01 down -0.43%as at 6 Nov 2026, 6:41 pm GMT+0800CryptoBTC/USD 75,551.00 USD down -6.09%as at 6 Nov 2026, 6:41 pm GMT+0800Ethereum (ETH/USD) 2,221.82 USD down -8.32%as at 6 Nov 2026, 6:41 pm GMT+0800SOL/USD 89.280 USD down -7.01%as at 6 Nov 2026, 6:41 pm GMT+0800XRP/USD 1.20000 USD down -8.33%as at 6 Nov 2026, 6:41 pm GMT+0800ForexAUD/EUR 0.615385 EUR down -1.34%as at 7 Nov 2026, 12:45 am GMT+0800AUD/GBP 0.513323 GBP down -1.31%as at 7 Nov 2026, 12:45 am GMT+0800AUD/JPY 108.7815 JPY down -1.93%as at 7 Nov 2026, 12:45 am GMT+0800AUD/NZD 1.239446 NZD down -0.47%as at 7 Nov 2026, 12:45 am GMT+0800AUD/USD 0.687077 USD down -1.85%as at 7 Nov 2026, 12:45 am GMT+0800EUR/GBP 0.834150 GBP up +0.03%as at 7 Nov 2026, 12:45 am GMT+0800EUR/USD 1.116500 USD down -0.53%as at 7 Nov 2026, 12:45 am GMT+0800GBP/USD 1.338488 USD down -0.55%as at 7 Nov 2026, 12:45 am GMT+0800NZD/USD 0.554342 USD down -1.39%as at 7 Nov 2026, 12:45 am GMT+0800USD/CAD 1.406628 CAD up +0.72%as at 7 Nov 2026, 12:45 am GMT+0800USD/CHF 0.818898 CHF up +0.12%as at 7 Nov 2026, 12:45 am GMT+0800USD/CNY 6.671294 CNY up +0.04%as at 7 Nov 2026, 12:45 am GMT+0800USD/JPY 158.3251 JPY down -0.08%as at 7 Nov 2026, 12:45 am GMT+0800
Rates
  • USUS CPI3.7% y/yOut in 20 h 10 min
  • AURBA4.85%Updated · 4 Nov
  • USFed3.75-4.00%Updated · 4 Nov
  • UKBoE4.00%Raised 0.25 · 6 Nov
  • EUECB2.50%Updated · 4 Nov
  • JPBoJ1.25%Updated · 4 Nov
  • CABoC2.50%Updated · 4 Nov
  • NZRBNZ2.75%Updated · 4 Nov
  • USPayrolls+165,000 jobsOct 2026, seasonally adjusted monthly payroll change
  • USUS jobless4.1%Oct 2026, seasonally adjusted unemployment rate
  • USCore PCE3.1% y/ySep 2026, core PCE price index y/y
  • USUS GDP+3.4% annualisedQ3 2026, q/q seasonally adjusted annual rate
  • USUS retail+0.8% m/mSep 2026, m/m retail sales, seasonally adjusted
  • USISM mfg55.5Oct 2026, ISM manufacturing PMI index points
  • AUAU CPI4.3% y/ySep 2026, CPI y/y
  • AUAU jobless4.7%Sep 2026, seasonally adjusted unemployment
  • AUAU GDP+0.4% q/qQ2 2026, seasonally adjusted real GDP q/q
  • UKUK CPI3.5% y/ySep 2026, 12-month CPI
  • UKUK jobless4.7%Jun-Aug 2026, ILO unemployment
  • UKUK GDP+0.1% m/mAug 2026, real GDP m/m
  • EUEZ CPI4.0% y/yOct 2026 euro-area HICP, flash estimate
  • CNChina GDP4.5% y/yQ3 2026, real GDP y/y
  • XAUGold4,052.40 USD/oz-1.49%
  • OILBrent99.69 USD/bbl+1.42%
  • OILWTI91.36 USD/bbl+0.11%
  • USUS 10Y4.837%-0.057 pts
  • VIXVIX28.18+69.66%
  • USDDXY101.768+0.21%
  • BTCBitcoin75,551.00 USD-6.09%
NZ Election 2026
Tuesday 10 November 2026A wider view Independent in spirit. Open by design.

The headline.
The whole story.

Live desk
On the agenda Nvidia and ChinaHegseth impeachmentIran warDarwin terror investigationU.S. Midterms 2026Future cities
World 4 min read

Herzog picks Gadi Eisenkot to form Israel’s next government in setback for Netanyahu

Gadi Eisenkot formally received the mandate to form Israel's next government from President Isaac Herzog on Sunday, after winning the backing of 67 of the Knesset's 120 members. He now has 28 days, until about 6 December, to build a coalition that would end Benjamin Netanyahu's time as prime minister, and he says it will take unconventional moves because no bloc has a clear majority.

Gadi Eisenkot and Benjamin Netanyau
Gadi Eisenkot and Benjamin Netanyau © Valcored News. All rights reserved.

Updates

Times in GMT+0800
  1. 11pm AWST, Sun 8 NovLatest

    Eisenkot formally receives the mandate from Herzog in Jerusalem and calls for a national emergency government, saying the task needs "creative and unconventional" political moves. His 28-day clock is now running.

  2. 4.20am AWST

    Eisenkot is due to receive the mandate at the President's Residence at 5pm Sunday Israel time (11pm AWST). He will have 28 days, with a possible 14-day extension.

  3. 3.49am AWST

    Herzog announces he will task Gadi Eisenkot with forming Israel's next government, after meeting Eisenkot and Netanyahu over the weekend.

  4. 3.14am AWST

    Eisenkot's Yashar party accuses Netanyahu of hypocrisy and invites Likud to join a government under Eisenkot, on his conditions.

  5. 2.08am AWST

    Netanyahu releases a video calling for a "national unity" government including Likud, the far right and the ultra-Orthodox parties, without saying who should lead it.

Three things to know

  1. Eisenkot, a former military chief who leads the Yashar party, received the mandate at the President's Residence in Jerusalem at 5pm on Sunday Israel time (11pm AWST) and called for a national emergency government.
  2. Eisenkot was recommended by 67 members of the Knesset in Herzog's consultations; Netanyahu was recommended by 46.
  3. Eisenkot's four-party bloc holds 48 seats, 13 short of a majority, and every path to 61 runs through parties his allies have been reluctant to sit with.

Opposition leader Gadi Eisenkot now holds the first chance to form Israel’s next government, a significant setback for Prime Minister Benjamin Netanyahu, Israel’s longest-serving leader.

President Isaac Herzog handed Eisenkot the mandate at a ceremony at the President’s Residence in Jerusalem at 5pm on Sunday Israel time (11pm AWST). Herzog had announced his choice on Saturday night, after meeting both Eisenkot and Netanyahu over the weekend.

“We are at one of the most vulnerable moments Israeli democracy has ever known,” Eisenkot said at the ceremony. He called for a national emergency government and said the task would require creative and unconventional political moves.

Herzog said Likud’s position as the largest party did not oblige him to give Netanyahu the first attempt, and that his decision rested on the 67 recommendations for Eisenkot against 46 for Netanyahu. He urged Eisenkot to form a government that serves all Israelis.

Eisenkot, a former chief of the Israel Defense Forces who leads the Yashar party, now has 28 days to put together a coalition, and Herzog can extend that by up to 14 days. If he fails, Herzog has three days to give another member of the Knesset the task or tell the Speaker that no one can form a government, which could send Israel back to the polls.

Why did Herzog choose Eisenkot?

In consultations with the parties earlier in the week, 67 of the Knesset’s 120 members recommended Eisenkot as prime minister. Netanyahu was recommended by 46. United Torah Judaism, an ultra-Orthodox party with seven seats that had long been allied with Netanyahu, recommended neither.

Eisenkot’s total includes the Arab-led parties Ra’am and the Joint List, which hold 19 seats between them and said they would support him from outside a government.

Herzog said after the consultations that the results looked clear but that he still had to weigh who could actually form a government, pointing to vetoes between and within the blocs.

Where do the numbers stand?

Neither side won a majority at the late October election. Netanyahu’s outgoing coalition holds 53 seats. Eisenkot’s four-party “change bloc” holds 48: his own Yashar, with 21 seats, Avigdor Lieberman’s Yisrael Beiteinu, Yair Golan’s Democrats and Naftali Bennett’s party.

That leaves Eisenkot about 13 seats short of the 61 needed to govern, and each route to a majority carries a cost.

The ultra-Orthodox parties are one option. United Torah Judaism has said it will back whichever bloc agrees to changes on military conscription for ultra-Orthodox men, an issue that has divided Israel for years. Lieberman has signalled some openness, but he has also ruled out a minority government, which means both United Torah Judaism and Shas would likely be needed. Shas recommended Netanyahu. Before the election, the leaders of Eisenkot’s bloc had pledged not to sit with the ultra-Orthodox parties.

The Arab-led parties are a second option, but Lieberman has said he opposes any government that relies on them, and Eisenkot, like Netanyahu, has ruled out bringing them into government.

A unity government with Netanyahu’s Likud is the third. The bloc’s leaders have so far ruled it out.

What has Netanyahu said?

Shortly before Herzog’s announcement, Netanyahu released a pre-recorded video calling for a “national unity” government that would include Likud and his former partners, among them the far-right Religious Zionism and Otzma Yehudit parties and the ultra-Orthodox parties. He did not say who should lead it.

He warned that a government backed by the Arab-led parties would harm Israel, saying such a government “won’t fight Hamas”.

Netanyahu has also alleged interference in the election. The acting director-general of Israel’s Central Elections Committee, Din Livne, wrote on Thursday that there was “no basis” to claims of a systematic compromise of the election’s integrity.

How did Eisenkot’s party respond?

Yashar accused Netanyahu of hypocrisy, saying he had divided Israeli society and acted “systematically and resolutely” against unity.

The party invited Likud and its partners to join a government led by Eisenkot, on condition that they cut ties with what it called extremists, accepted his four principles and served under him as prime minister.

Those principles are recognition of Israel as a Jewish and democratic state, acceptance of the values of its Declaration of Independence, compulsory military or civilian service for all, and recognition of Hamas as a terrorist organisation.

Why does it matter beyond Israel?

A change of government would end the long Netanyahu era while the war involving Iran and the situation in Gaza continue to shape the Middle East. Israel’s next government will set its approach to Gaza, Iran and its relationships with allies including the United States and Australia.

The decision has been reported across Israeli and international media.

VNN will keep following the coalition talks.

How we got here

The key moments that brought this story into focus. Open any moment for detail.

  1. Late October 2026Israel votes

    Neither Netanyahu's bloc nor the opposition wins the 61 seats needed for a majority.

  2. 5 November 2026Eisenkot wins 67 recommendations

    Herzog's consultations end with 67 Knesset members backing Eisenkot and 46 backing Netanyahu; Herzog says he will decide on Sunday.

  3. 5 November 2026Elections committee rejects claims

    Israel's Central Elections Committee says there is no basis to claims of a systematic compromise of the election.

  4. 7 November 2026Herzog names Eisenkot

    The president says Eisenkot will be given the first chance to form a government.

  5. 8 November 2026Eisenkot receives the mandate

    At the President's Residence, Eisenkot calls for a national emergency government; his 28 days begin.

What happens next

Eisenkot's 28 days run to about 6 December, and Herzog can extend them by up to 14 days. Coalition talks with his partners, including Lieberman and Bennett, begin this week. Watch for the positions of United Torah Judaism and Shas on conscription, Lieberman's response to any deal with the ultra-Orthodox parties, and whether Likud moves on unity talks. If Eisenkot fails, Herzog can give another member of the Knesset the task, or Israel could face another election.

Sources

  • VNN

VNN never names people who give us information in confidence. How we protect sources and tips.

The headline. The whole story.

Spotted something we should check? Tell the newsroom.

Comments

0 comments

Community rules

To read and join the conversation, please agree to our rules.

  1. Be respectful. No insults, name-calling, harassment, threats or hate.
  2. No links, web addresses or email addresses of any kind.
  3. No spam, advertising or self-promotion.
  4. One comment per story. You can reply to other people's comments, and to replies on yours.
  5. Stay on topic and keep personal information private.
  6. Comments that break these rules are removed, and repeat offenders are blocked.

Accessibility

Change how this website looks and behaves for you. Your choices are saved in this browser on this device only.

Text

Text size100%

Colour and links

Movement and focus

Read and find your way

Jump to a section of this page

    Your browser and device also have accessibility settings, such as zoom (Ctrl or ⌘ and +), a screen reader and reduced motion. This website works with them.

    Your privacy choices

    We use cookies and similar technologies to run this website. With your permission, we would also use them for advertising and embedded videos and social media posts. You can change your mind at any time with “Cookie settings” at the bottom of every page. Cookies policy.

    Cookie settings

    Choose what you allow. Storage the website needs to work is always on. You can come back here at any time from “Cookie settings” at the bottom of every page.

    • Strictly necessary

      Security, signing in, payments you start, protection against ad fraud and remembering your cookie choice.

      Always on
      What is stored (10)
      • vnn_consent VNN (this website) · Cookie · 12 months
        Remembers your cookie choices so we do not ask on every page.
      • wordpress_logged_in_*, wordpress_sec_* WordPress (this website) · Cookie · Until you sign out, up to 14 days
        Keeps you signed in, if you have an account (VNN staff, subscribers and buyers).
      • wordpress_test_cookie WordPress (this website) · Cookie · Until you close the browser
        Checks your browser accepts cookies when you sign in.
      • wp-settings-*, wp-settings-time-* WordPress (this website) · Cookie · 1 year
        Remembers dashboard layout for VNN staff. Not set for readers.
      • vcn_co VNN (this website) · Cookie · 1 day
        Links a payment to the browser that made it, so a new reader is signed in straight away after paying.
      • vnn_rules VNN (this website) · Cookie · 1 year
        Remembers that you agreed to the community rules before commenting.
      • vnn.rules VNN (this website) · Local storage · Until you clear your browser data
        The same agreement, kept in your browser as a back-up.
      • vnn.adshield.block, vnn.adshield.clicks VNN (this website) · Local storage · Up to 24 hours
        Protects our advertisers from invalid clicks (ad fraud) by pausing ads after repeated clicks.
      • vnn.adshield.ok VNN (this website) · Session storage · Until you close the tab
        Avoids re-checking the click protection on every page.
      • Payment security cookies Our card payment processor · Cookie · Up to 1 year
        Set only on the payment page and the billing part of your account page, to protect card payments from fraud.
    • Your settings on this device

      Saved stories, followed topics and other settings you choose. Kept in your browser only.

      Always on
      What is stored (7)
      • vcn.saved-stories.v1 VNN (this website) · Local storage · Until you remove them
        The stories you save with the bookmark button.
      • vcn.followed-topics.v1 VNN (this website) · Local storage · Until you remove them
        The topics you choose to follow.
      • vnn.alert.dismissed VNN (this website) · Session storage · Until you close the tab
        Remembers that you closed the breaking-news bar.
      • vnn.access VNN (this website) · Local storage · Until you reset them
        Your accessibility settings, such as text size and contrast.
      • vnn.support VNN (this website) · Local storage · Until you clear your browser data
        Remembers when you closed the “Support VNN” panel or gave, so it does not keep appearing.
      • comment_author_*, comment_author_email_* WordPress (this website) · Cookie · About 1 year
        Fills in your name and email on the comment form, only if you tick “Save my name”.
      • vnn-app-* VNN (this website) · Cache storage (service worker) · Until the app updates or you clear site data
        The web app’s icons and offline page, so it opens quickly and can tell you when you are offline.
    • Advertising

      Lets our advertising partner show ads based on your interests and measure them. If you say no, you may still see ads, but they are not personalised.

      What is stored (1)
      • __gads, __gpi, __eoi and Google ad cookies (e.g. IDE on doubleclick.net) Google AdSense · Cookie · Up to 13 months (set by Google)
        Shows ads, limits how often you see the same ad, prevents fraud and measures results. Ads are personalised only if you accept advertising.
    • Embedded videos and posts

      Loads videos, social media posts and other content hosted by other companies, such as YouTube or X. They may set their own cookies. If you say no, each one waits until you choose to load it.

      What is stored (1)
      • Set by the provider YouTube, Vimeo, X (Twitter), Instagram, TikTok, Facebook, Spotify and other embedded services · Cookie · Set by the provider
        Plays videos and shows posts inside our stories. Nothing loads until you choose to load it or allow embedded content.

    Full details: Cookies policy.

    VNNVALCORED NEWS NETWORK

    Install the VNN web app

    Choose your device to see how to add VNN to your home screen.

      What is the VNN web app?

      It is this website, saved to your home screen so it opens like an app: full screen, one tap away, straight to the front page. It is free, there is no app store download, it uses almost no storage and it updates itself. To remove it, press and hold the VNN icon and choose Remove. What the web app stores on your device