Bennett and Lapid form “Together” alliance to challenge Netanyahu in elections

## Market Snapshot

The “Next Israeli Prime Minister” market currently reflects uncertainty with the YES pricing affected by the new political developments. Meanwhile, the “Netanyahu Out” market shows a modest increase in YES pricing, with the June 30 sub-market now at 5.5% YES.

## Key Takeaways

– The formation of the “Together” party alliance by Bennett and Lapid appears to challenge Netanyahu’s position, suggesting a potential decrease in his odds of retaining the premiership. – Recent developments indicate an increase in political fragmentation, consistent with scenarios where Netanyahu’s removal by the end of 2026 becomes more likely. – Market activity suggests that the revival of the 2021 coalition strategy by Bennett and Lapid could impact Netanyahu’s political standing amid ongoing controversies.

## Article Body

Former Israeli Prime Ministers Naftali Bennett and Yair Lapid have announced the formation of the “Together” (Beyachad) party alliance to contest the upcoming legislative elections against Prime Minister Benjamin Netanyahu. This move revives their previous coalition strategy from 2021, which temporarily ousted Netanyahu through a diverse political bloc. The announcement comes amid Netanyahu’s ongoing corruption trials and criticism over his handling of recent conflicts, including the October 2023 Hamas attacks. The new alliance indicates an intensification of political fragmentation in Israel, as Bennett and Lapid seek to challenge the incumbent’s leadership.

## Market Interpretation

The announcement of the “Together” alliance is supportive of a NO outcome in the “Next Israeli Prime Minister” market, suggesting a moderate impact on Netanyahu’s chances of retaining power. In the “Netanyahu Out” market, the indication of increased opposition strength may suggest a moderate impact, supportive of a YES outcome. Market participants appear to view the alliance as a credible challenge to Netanyahu’s leadership.

## What to Watch

Observers should monitor upcoming polls to gauge the traction of the “Together” alliance and its impact on Netanyahu’s support. Key dates include the Israeli legislative elections by October 27, 2026, and any developments in Netanyahu’s corruption trials that could affect his political viability. Additionally, statements from Israeli President Isaac Herzog regarding government formation may provide further indications of potential outcomes.

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Netanyahu out bullish

6% FLAT