Today's Headlines

Bloomberg:
- Saudi Arabian central bank Governor Hamad Saudi al-Sayari said the bank would keep the peg to the US dollar and intervene in markets to maintain the currency system and control the amount of money in the financial system.
- US auto-parts makers including American Axle and Lear rose in NY trading on optimism that General Motors(GM) tentative labor accord would stabilize the industry.
- The risk of owning the bonds of US automakers fell to the lowest in more than two months as General Motors(GM)’s ability to win historic cost concessions from its largest union of workers raised optimism that Ford(F) and Chrysler can do the same.
- Bear Stearns(BSC) shares rose the most in almost two weeks on speculation an Asian company plans to buy a stake in the fifth-largest US investment bank.

Wall Street Journal:
- Technology stocks are posting big gains, after a long period when they were scoffed at by the market, and some money managers say the recent rally is just the beginning.

Reuters:
- Iran sees no need for OPEC to raise production again even after oil prices rose to a record, citing Iranian Acting Oil Minister Gholamhossein Nozari.

O Estado de S. Paulo:
- Petroleo Brasileiro SA(PBR), Brazil’s state controlled oil company, confirmed the discovery of two high-quality oil deposits below a layer of salt off the coast of Espirito Santo state.