Say hello to the Magnificent 47
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 17 February 2025
⏱️ 11 minutes
🧾️ Download transcript
Summary
French President Macron holds an emergency meeting in Paris with Ukraine’s allies, and a stock index featuring Europe’s largest banks is outpacing the United States’ Magnificent Seven tech giants. Plus, the activist hedge fund Elliot Management is on a mission to rejuvenate British Petroleum.
Mentioned in this podcast:
Europe scrambles to respond as US and Russia prepare for Ukraine peace talks
Hedge fund Elliott shakes BP from its strategic slump
Magnificent 7? Try the Magnificent 47 for size
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:06.0 | Today is Monday, February 17th, and this is your FT News briefing. |
| 0:11.0 | Ukraine's allies gather for an emergency meeting in Paris, and Europe's banking sector is on a hot streak. |
| 0:18.0 | Plus, a new BP investor is making a big splash in the oil industry. |
| 0:24.1 | They have become mythical, legendary, |
| 0:27.2 | and when they call on a company, |
| 0:29.2 | everybody pays attention. |
| 0:30.9 | I'm Lulu Smith, |
| 0:32.0 | and here's the news you need to start your day. |
| 0:45.0 | Music to start your day. European leaders will gather in Paris today to craft a response to the situation in Ukraine. |
| 0:51.2 | The meeting comes as the US and Russia have begun discussing ways to end the war, but without |
| 0:56.0 | input from either Ukraine or Europe. French President Emmanuel Macron will host officials |
| 1:01.5 | from countries like the UK, Germany and Poland. They'll talk about defence spending and how best |
| 1:07.0 | to support Ukraine going forward. As for the US and Russia, they'll begin formal peace negotiations in Saudi Arabia in the coming |
| 1:15.0 | days. |
| 1:20.1 | The darling of markets over the last few years has been the magnificent seven. |
| 1:26.9 | It's a group of seven tech stocks that has basically propped up the S&P 500. |
| 1:31.6 | But what if I told you that the Mag 7 isn't the only magnificent game around? |
| 1:36.6 | Say hello to the Magnificent 47 in Europe. |
| 1:40.8 | The FTs Nicholas Magor is here to explain what you've been missing. Hey Nick. Hiya. |
| 1:46.0 | Okay, so first, what is the Magnificent 47? |
| 1:50.0 | So the actual group we're talking about is the Stock 600 Banks Index. The Stock 600 is like a Europe-wide equivalent of the S&P 500. |
... |
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