When I was a boy, my parents would not allow me to sit too close to the television for fear of me getting ‘square eyes.’ So, in a way, I am glad they are not around to stand in the way of me buying the new Apple mixed reality headset, which is pretty much just two screens pressed against your eyeballs. The device is expected to be announced later today, so, sorry Mum and Dad.

The lowdown

• 😵‍💫 Apple expected to announce mixed reality headset today, the first major product launch since the Apple Watch in 2014.

• 🛢️ Saudi Arabia and OPEC+ to make deep cuts to oil production to boost prices.

• 🔏 Hollywood Directors union reaches a deal with major studios while writers remain on strike.

Flex your finance muscle

Friday’s jobs report

On Friday, the US Bureau of Labor Statistics announced that a massive 339,000 jobs were created in May. This figure significantly exceeded market expectations of around 190,000 jobs. Although the number indicates a strong jobs market, it also shows that attempts by the Fed to slow down economic activity may not be working – and that could mean more rate rises.

We might have expected the market to panic a little bit at this number, given its consequences for rates, but the markets had a really good day. Perhaps investors were just happy with the debt ceiling news and the prospect of a weekend. The market may be less cheery now that it's Monday.

Featured stories

UBS may need to delay results after Credit Suisse complexities

UBS is contemplating postponing its Q2 financial results ($) as it navigates the complexities arising from its rescue of Credit Suisse.

Initially set to report its results on July 25, the delay may last until the end of August. Executives said that at this time, they could also provide investors with an update on their plans for Credit Suisse’s domestic business (read: fire everyone?).

Credit Suisse has enlisted longtime adviser Deloitte to assist in preparing its accounts for UBS to finalize the deal. One issue complicating matters is the integration of the two banks' differing accounting systems. UBS uses IFRS, while Credit Suisse follows GAAP. A Swiss version of “one country, two systems”.

The content we're consuming today

• WSJ: EV Makers Confront the ‘Nickel Pickle’ ($).

• Bloomberg: How Summer Camp Became a $3.5 Billion Industry ($).

• The Verge: Augmented reality needs an iPhone moment.

Off-balance sheet items

• Regular readers will know that I have been trying to make the perfect pizza dough. Now that I feel I have achieved a reasonable standard, I am moving onto dessert. Here is a homemade ice cream recipe that is going to be my next goal.

The bottom line