France Holds Off On Hitting the Nuclear Button

France Inc. is pinning its hopes on Emmanuel Macron, seduced by the new president's promises about cutting corporate tax and making it easier to sack workers. The nomination of his economy, finance and work ministers on Wednesday only stoked expectations, even though Macron still needs the legislative elections to go his way.

There was one exception: the nuclear utility Electricite de France SA. Its shares sunk 7 percent after Nicolas Hulot, a popular environmentalist and TV personality, was named minister for environmental transition, where he will oversee energy policy. Investors were spooked that Hulot's nomination could mean the state will take a harder line on EDF, maybe by reducing France's reliance on nuclear energy at a faster pace than planned.