gloomberb 0.18.2 → 0.18.4

package/src/plugins/builtin/futures-curve/pane.tsx

@@ -5,7 +5,7 @@ import { curveStrip, curveSurfaceMinRows } from "../../../components/chart/curve
 import { isAccessDenied } from "../../../api-client/errors";
 import type { FuturesContract } from "../../../api-client/futures-curve";
 import { futuresTickText } from "../../../market-data/futures-contract";
-import { useAsyncResource, usePaneSettingValue, usePluginPaneState, useShortcut } from "../../../public/react";
+import { useAssetData, useAsyncResource, usePaneSettingValue, usePluginPaneState, useShortcut } from "../../../public/react";
 import { usePaneInstance, usePaneTitle } from "../../../state/app/context";
 import { useThemeColors } from "../../../theme/theme-context";
 import type { PaneProps } from "../../../types/plugin";
@@ -16,8 +16,8 @@ import { useAutoRefresh } from "../../../react/auto-refresh";
 import { futuresSessionRefreshInterval } from "../shared/futures-session";
 import { useResearchCloudSession } from "../shared/research-cloud-session";
 import { useQuoteBoard } from "../shared/use-quote-board";
-import { getCachedFuturesCurve, loadFuturesCurve, loadFuturesCurveAsOf } from "./client";
-import { basisSpotSymbol, curveAsOfDate, curveAxisPrice, curveBasisPercent, curveBasisRows, curveChangeText, curveContractChanges, curveContractCode, curvePrice, curveRank, curveSpot, curveSpotLabel, curveSpotSource, curveSpreadLabel, curveTimestamp, curveTitle, curveUnitLabel, DEFAULT_CURVE_HORIZON, futuresCurveSeries, newestQuote, normalizeCurveRoot, paneCurveRoot, sortCurveContracts, thinContractCount, thinContractsNotice, unsupportedCurveRootMessage, type CurveContractChanges, type CurveSpot } from "./model";
+import { getCachedFuturesCurve, loadCurveSpotBars, loadFuturesCurve, loadFuturesCurveAsOf } from "./client";
+import { BASIS_CONVENTION, basisSpotSymbol, blankBasisNote, curveAsOfDate, curveAxisPrice, curveBasisPercent, curveBasisRows, curveChangeText, curveContractChanges, curveContractCode, curvePrice, curveRank, curveSpot, curveSpotLabel, curveSpotSource, curveSpreadBasis, curveSpreadLabel, curveTimestamp, curveTitle, curveUnitLabel, DEFAULT_CURVE_HORIZON, futuresCurveSeries, newestQuote, noTradeChangeNote, normalizeCurveRoot, paneCurveRoot, shortDatedBasis, shortDatedBasisNote, sortCurveContracts, thinSpreadNotice, unsupportedCurveRootMessage, type CurveContractChanges, type CurveSpot } from "./model";
 
 const TABS = [{ value: "curve", label: "Curve" }, { value: "contracts", label: "Contracts" }];
 // One column order for every root. SETTLE is the exchange settlement for the
@@ -61,6 +61,8 @@ const BASIS_CURVE_COLUMNS: DataTableColumn[] = [
   ...CURVE_COLUMNS.slice(4),
 ];
 const BASIS_DROP_ORDER = ["percentile", "volume", "change1m", "oi", "settle", "change1w", "vsSpot", "expiry"];
+// Inside a week of expiry Vs Spot is the figure to read, so a curve with such a contract keeps it.
+const SHORT_DATED_DROP_ORDER = BASIS_DROP_ORDER.filter((id) => id !== "vsSpot");
 const NO_SYMBOLS: string[] = [];
 /** The spot's age is judged against the clock, so a quote that stops moving still goes stale on screen. */
 const SPOT_CLOCK_MS = 30_000;
@@ -71,8 +73,12 @@ const contractKey = (row: FuturesContract) => row.symbol;
 const contractDate = (row: FuturesContract) => new Date(row.expiration);
 const sentenceCase = (text: string) => text.charAt(0).toUpperCase() + text.slice(1);
 
-/** The footer's spot, naming the quote's own listing and feed; a narrow footer gives those up before the price and its time. */
+/**
+ * The footer's latest spot, naming what the quote is and its feed; a narrow footer gives those up before the price
+ * and its time. Each basis reads the spot in its own trade's minute, so a quote gone stale only says so.
+ */
 function spotSegment(spot: CurveSpot, root: string, clock: number): PaneFooterSegment {
+  if (spot.status !== "ok") return { id: "spot", parts: [{ text: spot.reason ?? `no ${spot.symbol} quote`, tone: "warning" }] };
   const label = curveSpotLabel(spot, root, clock);
   const source = curveSpotSource(spot);
   return { id: "spot", parts: [{ text: source ? `${label} (${source})` : label, tone: "muted" }], ...source ? { variants: [[{ text: label, tone: "muted" }]] } : {} };
@@ -128,6 +134,12 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
     return () => clearInterval(timer);
   }, [basisActive]);
   const spotState = spotSymbol ? spotQuotes.get(spotSymbol) : undefined;
+  // Each trade is read against the spot's one-minute bar of its own minute, fetched again whenever the curve is.
+  const assetData = useAssetData();
+  const barsLoader = useMemo(() => basisActive && spotSymbol && assetData
+    ? (force: boolean) => loadCurveSpotBars(spotSymbol, assetData, force) : null,
+  [assetData, basisActive, spotSymbol, resource.updatedAt]);
+  const spotBars = useAsyncResource(barsLoader, { keepPreviousData: true });
   // Until the first answer there is nothing to say: no reason, only blank cells.
   const spot = useMemo(() => !basisActive || !spotSymbol || !spotState || spotState.loading && !spotState.quote ? null
     : curveSpot(spotSymbol, spotState.quote, clock), [basisActive, clock, spotState, spotSymbol]);
@@ -138,8 +150,9 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
     requestedDate ? Date.parse(`${requestedDate}T00:00:00Z`) : Date.now(), requestedDate ? data.asOf ?? requestedDate : undefined) : [],
   [data, colors, horizon, requestedDate]);
   const changes = useMemo<CurveContractChanges>(() => data ? curveContractChanges(data) : new Map(), [data]);
-  const basis = useMemo(() => curveBasisRows(basisActive ? data?.contracts ?? [] : [], spot), [basisActive, data, spot]);
-  const thinCount = useMemo(() => thinContractCount(basis.values()), [basis]);
+  // Until the bars first answer there is nothing to say: no reason, only blank cells.
+  const bars = basisActive ? spotBars.data : null;
+  const basis = useMemo(() => curveBasisRows(basisActive ? data?.contracts ?? [] : [], bars), [basisActive, bars, data]);
   const rows = useMemo(() => sortCurveContracts(data?.contracts ?? [], sort.columnId, sort.direction, changes, basis), [data, sort, changes, basis]);
   // The curve tab lists the contracts the chart plots; Contracts keeps every one.
   const curveRows = useMemo(() => {
@@ -151,13 +164,20 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
   useChartTableSelection({ rows: curveRows, getId: contractKey, getDate: contractDate, selectedId, onSelect: setSelected,
     focused, enabled: curveTab });
   // The highlighted row carries the selected contract's price and rank.
-  const slopeDate = data?.slope.asOf && curveTimestamp(data.slope.asOf) !== curveTimestamp(newest) ? curveTimestamp(data.slope.asOf) : null;
+  // The spread says which prices it subtracts (settlements or two last trades made together); a server that does not say is dated.
+  const spreadBasis = data ? curveSpreadBasis(data.slope, newest) : null;
+  const slopeDate = !spreadBasis && data?.slope.asOf && curveTimestamp(data.slope.asOf) !== curveTimestamp(newest) ? curveTimestamp(data.slope.asOf) : null;
+  // A thin spread makes no curve call: it and the roll yield read from it take the warning tone and give no rank.
+  const thin = data?.slope.state === "thin";
+  const spreadRank = data && !thin ? curveRank(data.slope.percentile, data.slope.samples) : null;
+  const thinSpread = data ? thinSpreadNotice(data) : null;
   const statItems: StatItem[] = data ? [
     { id: "roll", label: "Ann. roll yield", value: signedPercent(data.slope.annualizedRollYield),
-      detail: curveRank(data.slope.rollPercentile, data.slope.samples) },
+      ...thin ? { tone: "warning" as const } : { detail: curveRank(data.slope.rollPercentile, data.slope.samples) } },
     // Named by the contracts it subtracts: the front is the first month the market trades, not always the first row.
     { id: "spread", label: curveSpreadLabel(data.slope), value: data.slope.value == null ? "--" : curvePrice(data.slope.value, root),
-      detail: [data.slope.state, curveRank(data.slope.percentile, data.slope.samples), slopeDate].filter(Boolean).join(" · ") },
+      ...thin ? { tone: "warning" as const } : {},
+      detail: [data.slope.state, spreadBasis, spreadRank, slopeDate].filter(Boolean).join(" · ") },
     ...data.spec ? [{ id: "contract", label: "Contract", value: data.spec.size, detail: `tick ${futuresTickText(data.spec)}` }] : [],
   ] : [];
   const { strip: tabStrip, rows: tabRows } = usePaneTabs({ tabs: TABS, activeValue: tab, onSelect: setTab, focused, dense: true, queryBarWidth: width });
@@ -168,6 +188,7 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
   const settleLabel = data?.settlementDate ? `SETTLE ${data.settlementDate.slice(5)}` : "SETTLE";
   // Cash-settled roots (ES, CL's Brent, VX) have no first notice day to show.
   const noNotice = !data?.contracts.some((row) => row.firstNotice);
+  const shortDated = curveTab && curveRows.some((row) => shortDatedBasis(basis.get(row.symbol)));
   const columns = useMemo(() => {
     // Labelled before fitting: a dated header is wider than the column's numbers.
     const shown = (list: DataTableColumn[]) => list.filter((entry) => !(settlesOnly && entry.id === "price") && !(noNotice && entry.id === "notice"))
@@ -175,9 +196,9 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
     // A curve that only settles keeps its settlement: it is the price.
     const order = (list: string[]) => settlesOnly ? list.filter((id) => id !== "settle") : list;
     return !curveTab ? fitChartTableColumns(shown(COLUMNS), width, order(CONTRACTS_DROP_ORDER))
-      : basisActive ? fitChartTableColumns(shown(BASIS_CURVE_COLUMNS), width, order(BASIS_DROP_ORDER))
+      : basisActive ? fitChartTableColumns(shown(BASIS_CURVE_COLUMNS), width, order(shortDated ? SHORT_DATED_DROP_ORDER : BASIS_DROP_ORDER))
         : fitChartTableColumns(shown(CURVE_COLUMNS), width, order(CURVE_DROP_ORDER));
-  }, [basisActive, curveTab, noNotice, settleLabel, settlesOnly, width]);
+  }, [basisActive, curveTab, noNotice, settleLabel, settlesOnly, shortDated, width]);
   const formatValue = useCallback((value: number) => curvePrice(value, root), [root]);
   const formatChange = useCallback((value: number) => curveChangeText(value, root), [root]);
   const unit = data ? curveUnitLabel(data) : null;
@@ -212,11 +233,16 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
   };
   // A past date with no archived curve says why in the body, not behind the warning.
   const emptyPast = !!requestedDate && !!data && !data.contracts.length;
-  // Thin contracts join the data warnings: the info row has no room for them beside the quote times.
+  // The basis notes the report prints under its table: the convention, why a cell is blank, and which rates spot noise swamps.
+  const basisNotes = basisActive && bars ? [BASIS_CONVENTION, blankBasisNote(tableRows, basis), shortDatedBasisNote(tableRows, basis)]
+    .filter((note): note is string => !!note) : [];
   // A long in these can be assigned delivery: the hedge a trader rolls before first notice.
   const delivering = data?.contracts.filter((row) => row.inDelivery).map((row) => curveContractCode(row.symbol)) ?? [];
+  // A blank Change on Contracts says why, as a blank basis does: no trade since the settlement it is measured from.
+  const untraded = data && !requestedDate && columns.some((entry) => entry.id === "change")
+    ? noTradeChangeNote(tableRows, data, { count: true }) : null;
   usePaneNoticeFooter({ registrationId: "futures-curve:notices", focused,
-    notices: emptyPast ? [] : [...data?.gaps ?? [], ...thinCount ? [thinContractsNotice(thinCount)] : [],
+    notices: emptyPast ? [] : [...data?.gaps ?? [], ...thinSpread ? [thinSpread] : [], ...basisNotes, ...untraded ? [untraded] : [],
       ...delivering.length ? [`${delivering.join(", ")} ${delivering.length === 1 ? "is" : "are"} past first notice.`] : []] });
   const delay = Math.max(0, ...(data?.contracts.map((row) => row.delayMinutes ?? 0) ?? []));
   usePaneStatusFooter({ registrationId: "futures-curve", loading: resource.loading, error: resource.error,
@@ -227,8 +253,7 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
     info: data ? [
       ...splitDelayedStatus({ id: "source", parts: [{ text: `${requestedDate ? "daily archive" : data.source === "cboe" ? "settlement" : delay > 0 ? `${delay}m delayed` : "dated quotes"} · ${unit ?? "units unavailable"} · ${curveTimestamp(newest)}${newest?.includes("T") ? " UTC" : ""}`, tone: "muted" }] }),
       ...(staleCount ? [{ id: "stale", parts: [{ text: `${staleCount} of ${data.contracts.length} stale`, tone: "warning" as const }] }] : []),
-      ...(spot ? [spot.status === "ok" ? spotSegment(spot, root, clock)
-        : { id: "spot", parts: [{ text: `Basis blank: ${spot.reason}`, tone: "warning" as const }] }] : []),
+      ...(spot ? [spotSegment(spot, root, clock)] : []),
     ] : [],
   });
   const tableChromeRows = chartTableChromeRows(columns, width);
@@ -250,7 +275,7 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
     if (column.id === "price") {
       const lastTrade = requestedDate && row.settlement != null ? null : row.price;
       // Beside its settlement the last trade is the secondary price; without one it is the row's price.
-      return { text: curvePrice(lastTrade, root), color: curveTab && (row.stale || basis.get(row.symbol)?.thin) ? colors.warning
+      return { text: curvePrice(lastTrade, root), color: curveTab && row.stale ? colors.warning
         : row.settlement != null ? colors.textMuted : undefined };
     }
     if (column.id === "change") {
@@ -263,7 +288,11 @@ function FuturesCurveView({ width, height, focused, root, ownsTitle }: PaneProps
     }
     if (column.id === "vsSpot" || column.id === "annBasis") {
       const cell = basis.get(row.symbol);
-      return { text: column.id === "vsSpot" ? curveBasisPercent(cell?.vsSpotPct ?? null, 2) : curveBasisPercent(cell?.annualisedBasisPct ?? null, 1), color: colors.textMuted };
+      const text = column.id === "vsSpot" ? curveBasisPercent(cell?.vsSpotPct ?? null, 2) : curveBasisPercent(cell?.annualisedBasisPct ?? null, 1);
+      // The figure to read is in the text colour, the other greyed: the annualised rate, until a week before
+      // expiry, where spot noise swings it by whole points and Vs Spot leads.
+      const lead = column.id === "vsSpot" ? shortDatedBasis(cell) : !shortDatedBasis(cell);
+      return { text, color: lead && text !== "--" ? undefined : colors.textMuted };
     }
     if (column.id === "percentile") return { text: row.samples < 2 || row.percentile == null ? "--" : row.percentile.toFixed(0) };
     if (column.id === "oi") return { text: integer(row.openInterest) };

package/src/plugins/builtin/fx-matrix/client.ts

@@ -1,9 +1,11 @@
+import { logFailure } from "../../../utils/log-failure";
 import { MarketDataCoordinator } from "../../../market-data/coordinator";
 import type { QueryEntry } from "../../../market-data/result-types";
 import { resolveEntryData } from "../../../market-data/selectors";
 import type { DataProvider } from "../../../types/data-provider";
 import type { Quote } from "../../../types/financials";
-import { fxLegReferenceRate, fxLegs, liveFxLegEntry, type FxLeg } from "./live-legs";
+import { quoteChangeBasis, type QuoteChangeBasis } from "../../../market-data/market/change-basis";
+import { fxLegMoveReference, fxLegs, liveFxLegEntry, type FxLeg } from "./live-legs";
 
 /** One USD leg as the board reads it: the rate it draws and where that rate came from. */
 export interface FxLegReading {
@@ -13,10 +15,13 @@ export interface FxLegReading {
   /** The pair quote, only when the rate is its own: it then says what the rate is (live or delayed, its session). */
   quote: Quote | null;
   /**
-   * USD per unit at the pair's previous close, only when the rate is the pair
-   * quote's: a loaded rate has no previous close to read against.
+   * USD per unit at the pair quote's previous daily close, for the rate drawn
+   * whether it is the quote's or a loaded rate of the same FX trading day
+   * (fxLegMoveReference); null when the quote is stale or has none.
    */
   reference: number | null;
+  /** The close `reference` is, as `quote` names it ("vs Wed 21 Oct close"). */
+  changeBasis?: QuoteChangeBasis | null;
   /** Why the leg has no rate, when it has none. */
   error: string | null;
 }
@@ -25,9 +30,9 @@ export interface FxLegReading {
  * The board's USD legs, read once the way the pane reads them, through the
  * same market data coordinator over the same service: each leg's loaded rate
  * (`loadFxRate`, dated by the shared FX cache), replaced by its pair quote when
- * that quote is current and at least as new. Only a pair quote brings the
- * previous close a cross's move is read against. A leg with neither has no
- * rate, never parity.
+ * that quote is current and at least as new. The pair quote brings the
+ * previous close a cross's move is read against, for either rate. A leg with
+ * neither has no rate, never parity.
  */
 export async function loadFxBoard(
   currencies: readonly string[],
@@ -42,18 +47,20 @@ export async function loadFxBoard(
       Promise.all(legs.map((leg) => coordinator.loadFxRate(leg.currency, { forceRefresh }))),
       // A pair quote only refines a loaded rate, so a failed batch leaves the loaded rates.
       coordinator.loadQuotesBatch(legs.map((leg) => ({ symbol: leg.symbol, exchange: "" })), { forceRefresh })
-        .catch((): QueryEntry<Quote>[] => []),
+        .catch(logFailure("fx-matrix.client", "Load FX pair quotes failed", [] as QueryEntry<Quote>[])),
     ]);
     return new Map(legs.map((leg, index) => {
       const rate = rates[index]!;
       const quote = quotes[index];
       const live = liveFxLegEntry(leg, quote, rate);
       const entry = live ?? (resolveEntryData(rate) != null ? rate : null);
+      const close = fxLegMoveReference(leg, quote, entry);
       return [leg.currency, {
         leg,
         entry,
         quote: live ? resolveEntryData(quote) : null,
-        reference: live ? fxLegReferenceRate(leg, quote) : null,
+        reference: close?.rate ?? null,
+        changeBasis: close ? quoteChangeBasis(close.quote) : null,
         error: entry ? null : rate.error?.message ?? "No rate came back.",
       }] as const;
     }));

package/src/plugins/builtin/fx-matrix/headless.ts

@@ -1,4 +1,5 @@
-import type { HeadlessPaneDefinition, HeadlessRowsResult } from "../../../types/plugin";
+import type { HeadlessPaneColumn, HeadlessPaneDefinition, HeadlessRowsResult } from "../../../types/plugin";
+import { combinedChangeBasisLabel } from "../../../market-data/market/change-basis";
 import { resolveEntryData } from "../../../market-data/selectors";
 import { formatPercentRaw } from "../../../utils/format";
 import { formatUtcTime } from "../../../utils/utc-time";
@@ -10,6 +11,26 @@ import { FX_MATRIX_REPORT_OPTIONS, fxMatrixReportNotices } from "./settings";
 
 const iso = (time: number | null | undefined) => time != null && Number.isFinite(time) ? new Date(time).toISOString() : null;
 
+const MOVE_COLUMN: HeadlessPaneColumn = { key: "movePercent", header: "Move", align: "right", format: (value) => typeof value === "number" ? formatPercentRaw(value) : "—" };
+const CROSS_COLUMNS: HeadlessPaneColumn[] = [
+  { key: "pair", header: "Pair" },
+  { key: "rate", header: "Rate", align: "right", format: (value) => typeof value === "number" ? formatRate(value) : "—" },
+  MOVE_COLUMN,
+  { key: "asOf", header: "As of", shrink: false, format: (value) => typeof value === "string" ? formatUtcTime(value) : "—" },
+  { key: "stale", header: "Status", format: (value, row) => (
+    row.rate == null ? "unavailable" : value ? "stale" : row.asOf == null ? "time unknown" : "current"
+  ) },
+];
+
+/**
+ * The columns with the move's header naming its close, as `quote` names a
+ * pair's (`Move vs Wed 21 Oct close`), in the text report; exports keep
+ * `Move`, so a column read by its name stays where it was.
+ */
+function crossColumns(basis: string | null): HeadlessPaneColumn[] {
+  return basis ? CROSS_COLUMNS.map((column) => column === MOVE_COLUMN ? { ...column, textHeader: `Move ${basis}` } : column) : CROSS_COLUMNS;
+}
+
 /** USD per unit, USD itself as 1; null for a leg with no usable rate. */
 function usdPerUnit(readings: ReadonlyMap<string, FxLegReading>, currency: string): number | null {
   if (currency === "USD") return 1;
@@ -22,9 +43,10 @@ function usdPerUnit(readings: ReadonlyMap<string, FxLegReading>, currency: strin
  * reads: one unit of `base` buys `rate` of `quote`, through the USD legs. Each
  * leg is dated as the pane dates it for `fn` and `shot` (`fxRateObservations`),
  * a cross as `fx <PAIR>` dates one (`fxPairObservation`): as old as its older
- * leg, stale when either leg is. It moves only when both legs carry a previous
- * close, the pane's tint rule. The report itself is dated by the legs, so its
- * closing line is the one the pane's capture ends with.
+ * leg, stale when either leg is. It moves from both legs' previous daily
+ * closes, the pane's tint rule, and the Move header names that close. The
+ * report itself is dated by the legs, so its closing line is the one the
+ * pane's capture ends with.
  */
 export function projectFxCrosses(
   currencies: readonly FxCurrency[],
@@ -69,12 +91,15 @@ export function projectFxCrosses(
     };
   }));
 
+  // The closes the moves are read from: one day for a board read at once, "vs mixed closes" otherwise.
+  const moveBasis = combinedChangeBasisLabel(currencies.map((currency) => readings.get(currency)?.changeBasis));
   const unavailable = currencies.filter((currency) => !rates.has(currency));
   const errors = unavailable.flatMap((currency) => {
     const error = readings.get(currency)?.error;
     return error ? [`${currency}: ${error}`] : [];
   });
   return {
+    columns: crossColumns(moveBasis),
     rows,
     ...(rows.length === 0 ? { empty: "One currency has no crosses. Add another, such as --currencies USD,EUR." } : {}),
     complete: unavailable.length === 0,
@@ -86,7 +111,8 @@ export function projectFxCrosses(
       currencies,
       unit: "quote currency per one unit of the base currency",
       method: "the base currency's USD rate divided by the quote currency's; the two legs' observation times can differ",
-      movePercent: "the cross against both legs' previous closes; empty where a leg has no current pair quote",
+      movePercent: "the cross against both legs' previous daily closes, from each pair's quote; empty where a leg has no current pair quote",
+      ...(moveBasis ? { changeBasis: moveBasis } : {}),
       legs: currencies.filter((currency) => currency !== "USD").map((currency) => {
         const reading = readings.get(currency);
         const observation = observed.get(currency);
@@ -119,15 +145,7 @@ export const fxMatrixHeadless: HeadlessPaneDefinition<"rows"> = {
     screenshotReadiness: "live-dom",
   },
   options: [...FX_MATRIX_REPORT_OPTIONS],
-  columns: [
-    { key: "pair", header: "Pair" },
-    { key: "rate", header: "Rate", align: "right", format: (value) => typeof value === "number" ? formatRate(value) : "—" },
-    { key: "movePercent", header: "Move", align: "right", format: (value) => typeof value === "number" ? formatPercentRaw(value) : "—" },
-    { key: "asOf", header: "As of", shrink: false, format: (value) => typeof value === "string" ? formatUtcTime(value) : "—" },
-    { key: "stale", header: "Status", format: (value, row) => (
-      row.rate == null ? "unavailable" : value ? "stale" : row.asOf == null ? "time unknown" : "current"
-    ) },
-  ],
+  columns: CROSS_COLUMNS,
   // Ask Gloom gets every cross of all 45 currencies inside its result limit:
   // the pair names both codes, and each leg's feed and delay are in metadata.
   compact: (result) => ({

package/src/plugins/builtin/fx-matrix/index.tsx

@@ -1,3 +1,4 @@
+import { logFailure } from "../../../utils/log-failure";
 import { useCallback, useMemo, useRef, useState, type ReactNode } from "react";
 import {
   DataTableView,
@@ -24,7 +25,7 @@ import { fxRateObservations } from "../shared/fx-rate-freshness";
 import { useLiveQuoteEntries } from "../../../state/hooks/quote-streaming";
 import { useAutoRefresh, useUpdatedAgo } from "../../../react/auto-refresh";
 import { useLiveStreamingSetting } from "../../../state/hooks/live-streaming";
-import { fxLegQuoteKey, fxLegReferenceRate, fxLegTargets, fxLegs, fxLegsBehind, liveFxLegEntry } from "./live-legs";
+import { fxLegMoveReference, fxLegQuoteKey, fxLegReferenceRate, fxLegTargets, fxLegs, fxLegsBehind, liveFxLegEntry } from "./live-legs";
 import { CURRENCY_FLAG_REGIONS, FX_CURRENCIES, formatRate, resolveCurrencies, type FxCurrency } from "./pairs";
 import { crossMovePercent, directionTint, nextTintLevel } from "./direction";
 import { fxMatrixSettings } from "./settings";
@@ -91,20 +92,21 @@ function FxMatrixPane({ focused, width, height }: PaneProps) {
     }
     return references;
   }, [legEntries, legs, rates]);
-  // A cell's direction is its cross against the pair's previous close. Only a
-  // leg whose rate is the live quote's and whose quote carries a previous close
-  // counts, USD (the base) as 1: the first rate this pane drew is no daily
-  // reference, and a snapshot rate or a stale quote has no previous close to
-  // read against.
+  // A cell's direction is its cross against the pairs' previous daily closes,
+  // USD (the base) as 1: each leg's pair quote's close, whether the rate drawn
+  // is that quote's or a snapshot rate of the same FX trading day
+  // (fxLegMoveReference). The first rate this pane drew is no daily reference,
+  // and a stale quote has no close to read against.
   const directionReferences = useMemo(() => {
+    const coordinator = getSharedMarketDataCoordinator();
     const references = new Map<string, number>([["USD", 1]]);
     for (const leg of legs) {
-      if (!liveEntries.has(leg.currency)) continue;
-      const reference = fxLegReferenceRate(leg, legEntries.get(fxLegQuoteKey(leg)));
-      if (reference != null) references.set(leg.currency, reference);
+      const drawn = liveEntries.get(leg.currency) ?? coordinator?.getFxEntry(leg.currency);
+      const reference = fxLegMoveReference(leg, legEntries.get(fxLegQuoteKey(leg)), drawn);
+      if (reference) references.set(leg.currency, reference.rate);
     }
     return references;
-  }, [legEntries, legs, liveEntries]);
+  }, [legEntries, legs, liveEntries, snapshotRates]);
   // The step each cell showed last, which a tick near a boundary keeps.
   const tintLevels = useRef(new Map<string, number>());
   // Export the provenance of this render's rates, even if a provider response
@@ -156,7 +158,7 @@ function FxMatrixPane({ focused, width, height }: PaneProps) {
     if (!coordinator) return;
     for (const currency of codes) {
       if (currency === "USD") continue;
-      void coordinator.loadFxRate(currency, { forceRefresh: true }).catch(() => {});
+      void coordinator.loadFxRate(currency, { forceRefresh: true }).catch(logFailure("fx-matrix", "Refresh FX rate failed"));
     }
   }, []);
   const refresh = useCallback(() => reload(currencies), [currencies, reload]);

package/src/plugins/builtin/fx-matrix/live-legs.ts

@@ -3,6 +3,7 @@ import { buildQuoteKey, resolveEntryData } from "../../../market-data/selectors"
 import type { QuoteSubscriptionTarget } from "../../../types/data-provider";
 import type { Quote } from "../../../types/financials";
 import { isStreamCarryingQuote } from "../shared/use-quote-board";
+import { fxTradingDay } from "../../../utils/fx-market-hours";
 
 /** Currencies the market quotes as USD per unit; the rest quote as units per USD. */
 const USD_QUOTED = new Set(["EUR", "GBP", "AUD", "NZD"]);
@@ -92,3 +93,24 @@ export function fxLegReferenceRate(leg: FxLeg, entry: QueryEntry<Quote> | undefi
   if (close == null || !Number.isFinite(close) || close <= 0) return null;
   return leg.inverted ? 1 / close : close;
 }
+
+/**
+ * What a leg's move is read against: its pair quote's previous daily close
+ * (USD per unit), the close `quote` measures the pair from, whichever rate
+ * the board draws. A loaded rate a minute newer than the quote moves from the
+ * same close, so it reads against it too, as long as it is of the quote's FX
+ * trading day. Null when the quote is stale or carries no previous close, or
+ * when the drawn rate is of a later trading day (or undated) than the quote.
+ */
+export function fxLegMoveReference(
+  leg: FxLeg,
+  entry: QueryEntry<Quote> | undefined,
+  drawn: Pick<QueryEntry<number>, "asOf"> | null | undefined,
+): { rate: number; quote: Quote } | null {
+  const quote = resolveEntryData(entry);
+  const rate = fxLegReferenceRate(leg, entry);
+  if (!quote || quote.stale === true || rate == null || !Number.isFinite(quote.lastUpdated)) return null;
+  const drawnAt = drawn?.asOf;
+  if (drawnAt == null || !Number.isFinite(drawnAt) || fxTradingDay(drawnAt) !== fxTradingDay(quote.lastUpdated)) return null;
+  return { rate, quote };
+}

package/src/plugins/builtin/fx-matrix/settings.ts

@@ -16,6 +16,7 @@ function currencyName(code: string): string | null {
     const name = currencyNames.of(code);
     return name && name !== code ? name : null;
   } catch {
+    // Intentional ignore: runtimes without currency display names keep the currency code as the picker label.
     currencyNames = null;
     return null;
   }
@@ -98,5 +99,5 @@ export const FX_MATRIX_REPORT_OPTIONS: readonly PaneReportOptionDef[] = [{
 /** A report of the default board says it is only the majors, and how to choose others. */
 export function fxMatrixReportNotices(settings: Readonly<Record<string, unknown>>): string[] {
   if (settings.currencies != null) return [];
-  return [`Showing the ${MAJOR_CURRENCIES.length} majors. Choose others with --currencies USD,ZAR,NGN; gloomberb catalog FXC lists all ${FX_CURRENCIES.length}.`];
+  return [`Showing the ${MAJOR_CURRENCIES.length} majors. Choose others with --currencies USD,ZAR,NGN; gloom catalog FXC lists all ${FX_CURRENCIES.length}.`];
 }

package/src/plugins/builtin/gpu/board.tsx

@@ -79,9 +79,11 @@ function boardColumns(width: number, options: { windows: GpuChangeKey[]; trend:
   ];
 }
 
-export function GpuBoard({ rows, models, asOf, model, setModel, selectedId, select, emptyTitle, width, height, focused }: {
+export function GpuBoard({ rows, models, asOf, model, setModel, selectedId, select, emptyTitle, width, height, focused, pending = false }: {
   rows: GpuBoardRow[]; models: readonly string[]; asOf: string | null; model: string; setModel: (value: string) => void; selectedId: string; select: (row: GpuBoardRow, open?: boolean) => void;
   emptyTitle: string; width: number; height: number; focused: boolean;
+  /** The picked GPU's free preview is still loading. */
+  pending?: boolean;
 }) {
   const colors = useThemeColors();
   const sections = useMemo(() => gpuBoardSections(rows, model), [rows, model]);
@@ -153,6 +155,7 @@ export function GpuBoard({ rows, models, asOf, model, setModel, selectedId, sele
 
   const query = <GpuModelQuery models={models} model={model} setModel={setModel} width={width} />;
   return <DataTableView<BoardRow> columns={columns} items={items} rootWidth={width} rootHeight={height} focused={focused}
+    status={pending && !items.length ? { loading: true, subject: "GPU rental prices" } : undefined}
     rootBefore={ladder.length ? <ChartTableHeader width={width} height={height} tableRows={items.length} tableColumns={columns} query={query}
       chart={{ maxRows: ladder.length + 1, minRows: Math.min(3, ladder.length + 1), strip: null,
         render: (size) => <GpuPriceLadder rows={ladder} width={size.width} height={size.height}

package/src/plugins/builtin/gpu/changes.tsx

@@ -1,7 +1,7 @@
 import { useCallback, useMemo } from "react";
 import type { GpuEvent } from "../../../api-client/gpu";
 import {
-  Badge, buildSectionedRows, DataTableView, EMPTY_TABLE_CELL, isSectionedItemRow, PaneStatusBody, renderSectionedRowHeader,
+  Badge, buildSectionedRows, DataTableView, EMPTY_TABLE_CELL, isSectionedItemRow, renderSectionedRowHeader,
   usePaneNoticeFooter, usePaneStatusFooter, type DataTableCell, type DataTableColumn, type SectionedRow,
 } from "../../../components";
 import { usePaneRefreshKey } from "../../../components/data-table/table-pane";
@@ -82,13 +82,13 @@ export function GpuChanges({ models, model, setModel, reloadBoard, width, height
     }
   };
 
-  return <PaneStatusBody loading={resource.loading && !resource.data} error={!resource.data ? resource.error : null} subject="GPU price changes">
-    <DataTableView<ChangeRow> columns={columns} items={items} rootWidth={width} rootHeight={height} focused={focused}
-      rootBefore={<GpuModelQuery models={models} model={model} setModel={setModel} width={width} />}
-      selection={{ kind: "id", selectedId: selected && items.some((item) => item.key === selected) ? selected : firstId, getId: rowKey,
-        onChange: (id) => setSelected(String(id)) }}
-      isNavigable={isSectionedItemRow} renderSectionHeader={renderSectionedRowHeader}
-      getItemKey={rowKey} onActivate={(row) => setSelected(row.key)} sortColumnId={null} sortDirection="desc"
-      selectedTextOverridesCellColor renderCell={renderCell} emptyStateTitle={resource.data?.payload.access?.locked ? "Full change history is available with Pro." : "No price or availability changes recorded yet."} />
-  </PaneStatusBody>;
+  // A GPU picked from the filter loads under it; the filter stays.
+  return <DataTableView<ChangeRow> columns={columns} items={items} rootWidth={width} rootHeight={height} focused={focused}
+    rootBefore={<GpuModelQuery models={models} model={model} setModel={setModel} width={width} />}
+    status={resource.data ? undefined : { loading: resource.loading, error: resource.error, subject: "GPU price changes" }}
+    selection={{ kind: "id", selectedId: selected && items.some((item) => item.key === selected) ? selected : firstId, getId: rowKey,
+      onChange: (id) => setSelected(String(id)) }}
+    isNavigable={isSectionedItemRow} renderSectionHeader={renderSectionedRowHeader}
+    getItemKey={rowKey} onActivate={(row) => setSelected(row.key)} sortColumnId={null} sortDirection="desc"
+    selectedTextOverridesCellColor renderCell={renderCell} emptyStateTitle={resource.data?.payload.access?.locked ? "Full change history is available with Pro." : "No price or availability changes recorded yet."} />;
 }

package/src/plugins/builtin/gpu/equities.tsx

@@ -39,9 +39,11 @@ function equityColumns(width: number): DataTableColumn[] {
 }
 
 /** Related shares by what ties them to GPU rents, each beside the list price that ties it. */
-export function GpuEquities({ board, models, locked, model, setModel, reloadBoard, width, height, focused }: {
+export function GpuEquities({ board, models, locked, model, setModel, reloadBoard, width, height, focused, pending = false }: {
   board: GpuBoardRow[]; models: readonly string[]; locked: boolean; model: string; setModel: (value: string) => void; reloadBoard: () => void;
   width: number; height: number; focused: boolean;
+  /** The picked GPU's free preview is still loading. */
+  pending?: boolean;
 }) {
   const colors = useThemeColors();
   const provider = useAssetData();
@@ -110,6 +112,7 @@ export function GpuEquities({ board, models, locked, model, setModel, reloadBoar
   }, [colors, desktop]);
   return <DataTableView<Row> columns={equityColumns(width)} items={items} rootWidth={width} rootHeight={height} focused={focused}
     rootBefore={<GpuModelQuery models={models} model={model || "H100"} setModel={setModel} width={width} allowAll={false} />}
+    status={pending ? { loading: true, subject: "GPU rental prices" } : undefined}
     selection={{ kind: "id", selectedId: selected, getId: rowKey, onChange: (id) => setSelected(String(id)) }} getItemKey={rowKey}
     isNavigable={isSectionedItemRow} renderSectionHeader={renderSectionedRowHeader}
     getRowVersion={(row) => isSectionedItemRow(row) ? [quotes.get(row.item.symbol)?.quote?.lastUpdated, quotes.get(row.item.symbol)?.loading,

package/src/plugins/builtin/gpu/headless.ts

@@ -7,6 +7,7 @@ import {
   gpuLabel, gpuNoMatch, gpuPrice, gpuProvenanceLabel, gpuRows, gpuSource, gpuTab,
 } from "./model";
 import { quoteFreshnessFields } from "../shared/report-freshness";
+import { countOf, freePreviewNote } from "../shared/free-preview";
 import { getRegularSessionDisplay } from "../../../market-data/market/status";
 
 const observationRow = (row: GpuObservation) => ({ gpu: gpuLabel(row), source: gpuSource(row), basis: gpuBasisLabel(row.basis),
@@ -73,8 +74,12 @@ export const gpuHeadless: HeadlessPaneDefinition<"bundle"> = {
     const previews = await fetchGpuModelPreviews(gpuPreviewModels(board, tab === "equities" ? gpuEquityModels(selected) : [selected]), ctx.apiClient);
     const rows = [...board.rows, ...previews];
     const previewed = [...new Set(previews.map((row) => row.gpuModel))];
-    const notes = previewed.length ? [`${previewed.join(" and ")} ${previewed.length > 1 ? "are" : "is"} not on the free board: ${previewed.length > 1 ? "their" : "its"} latest free rows stand in. Pro adds every provider and the 1D, 7D and 30D moves.`]
-      : board.access?.locked && !model && tab === "board" ? ["The free board shows three rows; name a GPU (GPU H100) for its latest free rows, or upgrade to Pro for every GPU."] : [];
+    // What the free view leaves to Pro is the report's Pro line, never a note or an error.
+    const locks = previewed.length
+      ? [freePreviewNote({ shows: `the latest rows of ${previewed.join(" and ")}, which the free board leaves out`, adds: "every provider and the 1D, 7D and 30D moves" })]
+      : board.access?.locked && !model && tab === "board"
+        ? [freePreviewNote({ shows: `${countOf(board.rows.length, "board row")}, or the latest rows of a GPU you name (GPU H100)`, adds: "every GPU and provider, with the 1D, 7D and 30D moves" })]
+        : [];
     if (tab === "equities") {
       const related = gpuEquityRows(rows, selected, !!board.access?.locked);
       const histories = await loadGpuEquityHistory(ctx.marketData);
@@ -97,12 +102,12 @@ export const gpuHeadless: HeadlessPaneDefinition<"bundle"> = {
         { key: "gpu", header: "GPU" }, { key: "gpuSource", header: "GPU list series", format: (value: unknown, row: HeadlessPaneRow) => typeof value === "string" ? value : String(row.gpuGap ?? "-") },
         { key: "gpuPrice", header: "$/GPU-hr", align: "right" as const, format: (value: unknown, row: HeadlessPaneRow) => locked(value, row, price) },
         { key: "gpuChange7d", header: "GPU 7D", align: "right" as const, format: (value: unknown, row: HeadlessPaneRow) => locked(value, row, percent) },
-      ], rows: equities }], complete: !board.access?.locked, metadata, notes, errors: [...board.gaps, ...histories.flatMap((entry) => entry.error ? [entry.error] : [])],
+      ], rows: equities }], complete: !board.access?.locked, metadata, errors: [...locks, ...board.gaps, ...histories.flatMap((entry) => entry.error ? [entry.error] : [])],
       unavailableSymbols: equities.filter((row) => row.price == null || row.change5d == null).map((row) => row.symbol) };
     }
     const boardRows = gpuRows(rows, model).map((row) => ({ ...observationRow(row), change1d: row.change1d, change7d: row.change7d,
       change30d: row.change30d, stale: row.stale, sample: row.stats ?? null, ...(gpuChangesLocked(row) ? { changesLocked: true } : {}) }));
     return { sections: [{ title: "GPU rental prices", columns, rows: boardRows, empty: `No ${model ? `${model} ` : ""}rental prices have been observed yet.` }],
-      freshness, complete: !board.access?.locked, metadata, notes, errors: board.gaps };
+      freshness, complete: !board.access?.locked, metadata, errors: [...locks, ...board.gaps] };
   },
 };

package/src/plugins/builtin/gpu/history.tsx

@@ -92,9 +92,11 @@ function HistoryDetail({ row, peers, width, height, refreshVersion }: {
   </PaneStatusBody>;
 }
 
-export function GpuHistory({ rows, models: boardModels, model, setModel, selectedId, onSelect, reloadBoard, width, height, focused }: {
+export function GpuHistory({ rows, models: boardModels, model, setModel, selectedId, onSelect, reloadBoard, width, height, focused, pending = false }: {
   rows: GpuBoardRow[]; models: readonly string[]; model: string; setModel: (value: string) => void; selectedId: string; onSelect: (id: string) => void;
   reloadBoard: () => void; width: number; height: number; focused: boolean;
+  /** The picked GPU's free preview is still loading. */
+  pending?: boolean;
 }) {
   const colors = useThemeColors();
   const [basis, setBasis] = usePluginPaneState<string>("historyBasis", "all");
@@ -133,7 +135,7 @@ export function GpuHistory({ rows, models: boardModels, model, setModel, selecte
     searchPlaceholder="Provider or variant" columns={listColumns} rows={listRows} getRowId={listRowId}
     filters={[{ id: "gpu", label: "GPU", value: activeModel, options: models.map((value) => ({ value, label: value })), onChange: setModel }]}
     isNavigable={isSectionedItemRow} renderSectionHeader={renderSectionedRowHeader}
-    renderCell={renderCell} emptyStateTitle="No series match."
+    renderCell={renderCell} emptyStateTitle="No series match." status={pending && !listRows.length ? { loading: true, subject: "GPU rental prices" } : undefined}
     renderDetail={(size) => list.selected ? <HistoryDetail key={list.selected.id} row={list.selected} peers={modelRows} refreshVersion={refreshVersion} {...size} />
       : <PaneStatusBody empty emptyTitle={`No ${gpuBasisLabel(basis === "all" ? "list" : basis as GpuBasis)} series yet.`} />} />;
 }

package/src/plugins/builtin/gpu/pane.tsx

@@ -61,13 +61,15 @@ function GpuView({ width, height, focused }: PaneProps) {
   usePaneFooter("gpu:actions", () => ({ info: data?.access?.preview ? [{ id: "preview", parts: [{ text: "Free preview", tone: "muted" }] }] : [],
     hints: [...(data?.access?.locked ? [{ id: "upgrade", key: CLOUD_PLAN_KEY, label: "upgrade", title: "Unlock full GPU history with Pro", onPress: upgrade }] : []), { id: "buildout", key: "t", label: "BO", title: "Open TheBuildout",
     onPress: () => createPaneFromTemplate("buildout-pane") }] }), [createPaneFromTemplate, data?.access, upgrade]);
-  const { strip, rows: tabRows } = usePaneTabs(data ? { tabs: [...GPU_TABS], activeValue: tab, onSelect: setTab, focused, dense: true } : null);
-  const body = { width, height: Math.max(3, height - tabRows), focused };
+  const { strip, rows: tabRows } = usePaneTabs(!signIn ? { tabs: [...GPU_TABS], activeValue: tab, onSelect: setTab, focused, dense: true } : null);
+  // Another GPU's free preview waits in the table under the GPU filter, so picking a model never takes the filter away.
+  const pending = !!previewKey && preview.loading && !preview.data;
+  const body = { width, height: Math.max(3, height - tabRows), focused, pending };
   const reloadBoard = useCallback(() => { void resource.reload(); void preview.reload(); }, [resource.reload, preview.reload]);
   if (signIn) return <SignInWall placement="gpu" width={width} height={height} action="browse GPU rental prices" needsVerification={session.needsVerification} />;
   return <Box width={width} height={height} flexDirection="column">
     {strip}
-    <PaneStatusBody loading={(resource.loading && !data) || (!!previewKey && preview.loading && !preview.data)} error={!data && !notAvailable ? resource.error : null}
+    <PaneStatusBody loading={resource.loading && !data} error={!data && !notAvailable ? resource.error : null}
       empty={notAvailable} emptyTitle={GPU_NOT_AVAILABLE} subject="GPU rental prices">
       {data ? tab === "board" ? <GpuBoard rows={rows} models={models} asOf={data.asOf} model={activeModel} setModel={setModel} selectedId={selectedId} emptyTitle={emptyTitle}
         select={(row, open) => { setSelectedId(row.id); if (open) setTab("history"); }} {...body} />