The winds of crisis are blowing on Europe. And Piazza Affari suddenly finds itself without Moncler

The Italian Stock Exchange, after the meager 2010 which saw only Enel Green Power and Tesmec enter the market, was aiming for 2011 to relaunch IPO operations. But the project appears increasingly conditioned by various factors that work against it. On the one hand, on the internal front of the market, there is a general situation of price volatility, a widespread negative sentiment which grows hand in hand with the revealing of the ever more fragile stability of some countries in the euro area suffocated by debt; on the other hand, on the front of those who intend to place their company on the Stock Exchange, there is a strong reluctance to adjust the price range to the bearish mood of the market these days. The freshmen who quote today at a price lower than the IPO price far outnumber the small group of companies that have seen their shares improve from the initial price. Thus, in this panorama of conflicting interests, withdrawals are not surprising. And today's sensational defection of Moncler follows that of Rhiag (car components, "skipped" in May) and Philogen, the biotech company that was due to debut in February, but which the sudden cut in orders by Bayer has led to do step back. And while Prada chooses Hong Kong as the international market for its listing on the Stock Exchange, Milan extends the waste count and acknowledges that in the last three years the delistings have exceeded the new listings by more than four times.