// Veridian Markets — News page ("Global News").
// An editorial markets feed: category filter, a featured lead story, and a grid
// of articles. History-led voice; mock data. Ticker tags open the dashboard.
const { useState: useStateNews } = React;
const NEWS_CATS = ['All', 'Markets', 'Companies', 'Economy', 'Policy', 'Tech', 'Energy'];
const NEWS = [
{ cat: 'Markets', kicker: 'OIL · 5-YEAR LENS', headline: 'Oil at $78 — and an echo from 1973 we’d rather not hear.',
summary: 'Crude’s grind higher revives the supply-shock comparison. Read as a base rate, past spikes were less dramatic than the headlines.', source: 'Veridian', time: '2h ago', ticker: 'XOM' },
{ cat: 'Companies', kicker: 'AAPL · ANALOGUE', headline: 'Apple’s services pivot draws the MSFT-2014 comparison again.',
summary: 'Capital-light, margin-expanding, re-rating slowly. The closest historical match still reads constructive — with caveats on China.', source: 'The Ledger', time: '4h ago', ticker: 'AAPL' },
{ cat: 'Policy', kicker: 'THE FED', headline: 'The Fed holds. Markets read it as a pause, not a peak.',
summary: 'Rates unchanged; the dot plot nudged. History says the first cut matters less than the path that follows it.', source: 'Bretton House', time: '6h ago' },
{ cat: 'Tech', kicker: 'NVDA · SEMIS', headline: 'The AI capex cycle and the ghost of Cisco, 2000.',
summary: 'The spending is real; so was the fibre build-out. Where the analogy holds, and the one place it clearly breaks.', source: 'Veridian', time: '8h ago', ticker: 'NVDA' },
{ cat: 'Economy', kicker: 'INFLATION', headline: 'CPI cools, but the last mile looks sticky.',
summary: 'Goods disinflation did the easy part. Services are the 1990s-style grind — slower, stubborner, and politically louder.', source: 'Bretton House', time: '10h ago' },
{ cat: 'Energy', kicker: 'POWER · GRID', headline: 'Data-centre demand rewrites the quietest sector in markets.',
summary: 'Utilities suddenly have a growth story — and a 1960s build-out parallel that few investors are pricing.', source: 'The Ledger', time: '12h ago' },
{ cat: 'Companies', kicker: 'TSLA', headline: 'Tesla’s margin question is really an Amazon-2014 question.',
summary: 'Invest through the trough or harvest the cash? The analogue cuts both ways — and the market keeps switching sides.', source: 'Veridian', time: '14h ago', ticker: 'TSLA' },
{ cat: 'Markets', kicker: 'BONDS', headline: 'The yield curve un-inverts. What 1989, 1998 and 2007 taught us.',
summary: 'The signal everyone watches, read as a base rate rather than an omen. The lag, not the inversion, is the story.', source: 'Bretton House', time: '16h ago' },
{ cat: 'Tech', kicker: 'SOFTWARE', headline: 'SaaS multiples reset to the mean. The 2002 hangover, revisited.',
summary: 'Growth-at-any-price is over. The survivors look like the post-dotcom cohort that quietly compounded for a decade.', source: 'The Ledger', time: '18h ago' },
];
function News({ go, isMobile, user }) {
const signedIn = !!user;
const [cat, setCat] = useStateNews('All');
const [searchOpen, setSearchOpen] = useStateNews(false);
const [query, setQuery] = useStateNews('');
const [article, setArticle] = useStateNews(null);
// Real market news (Finnhub, cached) when available; else the editorial mock.
const liveNews = typeof useVMNews === 'function' ? useVMNews('general') : { cards: [], live: false, loading: false };
// Personalization (signed-in only) — same interest tickers that drive the
// Home page (interests.jsx); offered here as its own "For you" filter
// rather than replacing the general feed outright.
const interests = useVMInterests(signedIn);
const personalized = useVMPersonalizedNews(interests.tickers);
const showForYou = signedIn && interests.tickers.length > 0;
const cats = showForYou ? ['For you', ...NEWS_CATS] : NEWS_CATS;
const isForYou = cat === 'For you' && showForYou;
const source = isForYou ? personalized.cards : (liveNews.live ? liveNews.cards : NEWS);
const q = query.trim().toLowerCase();
const list = source.filter(n => (isForYou || cat === 'All' || n.cat === cat) &&
(!q || ((n.headline || '') + ' ' + (n.summary || '') + ' ' + (n.kicker || '')).toLowerCase().includes(q)));
const lead = list[0];
const rest = list.slice(1);
const openTicker = (t) => { const c = VM_COMPANIES.find(x => x.ticker === t); go('dashboard', c || { ticker: t, name: t, cap: '—' }); };
return (
Global News
News.
The day’s markets, read through the lens of the past. Not a forecast — a base rate.
Headline & summary via Finnhub. Full story at the source.
) : (
<>
The pattern isn’t new. Markets have a long memory, and the closest historical analogue rarely rhymes perfectly — but it sets a base rate worth respecting rather than a forecast to bet on.
What matters now is less the headline than the path that follows it. We weight the outcomes of similar past episodes — what happened next, and how often — instead of reaching for a single number.
Base rates only. Not advice.
)}
);
}
function NewsCard({ n, onOpen }) {
const [hover, setHover] = useStateNews(false);
return (