The political turbulence unleashed by President Emmanuel Macron ’s decision to call a snap election looks set to extend well beyond Sunday’s second round of voting, prompting some executives gathered at a conference in southern France to express their concerns about the country’s emerging business climate.

No matter which party comes out on top in the French parliamentary election, several said they see the vote as the beginning of a more turbulent period. Even if an absolute majority for Marine Le Pen ’s far-right National Rally is averted, the alternative is gridlock, making it harder for France to address its swollen budget deficit and ending Macron’s pro-business reform plans. The situation has translated into some dumping of French assets, driving up borrowing costs up and pulling down stocks.