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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Monday, June 24:

1. -- U.S. stock futures were falling Monday, following a 5% loss in Shanghai's main index after China allowed commercial lending rates to soar.

China's interbank lending rate jumped to over 13%. Analysts said the move from China was an effort to trim a growing underground lending industry.

Hong Kong's Hang Seng fell 2.2%, and Japan's Nikkei 225 index declined 1.3%.

2. -- The economic calendar in the U.S. Monday is bare.

3. -- U.S. stocks on Friday rose, breaking a two-day decline.

The S&P 500 closed at 1,592.43, a gain of 0.3%. The Dow Jones Industrial Average added 0.3% to finish at 14,799.40 .

4. -- Vodafone (VOD) launched a takeover bid for Kabel Deutschland, valuing Germany's biggest cable operator at €7.7 billion ($10.2 billion).

Kabel Deutschland, in a statement Monday, said its management and supervisory boards "welcome this announcement."

Kabel Deutschland said last week it had been approached about a potential merger from Liberty Global (LBTYA).

5. -- Edward Snowden, the leaker who exposed National Security Agency surveillance programs, has asked for political asylum in Ecuador. He was allowed to leave Hong Kong on Sunday morning and head to Moscow on a commercial flight despite requests from the U.S. that he be arrested in Hong Kong, according to reports.

Snowden is expected to make his way to Ecuador via Cuba, reports said.

6. -- Jefferies will provide $5.2 billion in term loans to back Carl Icahn's bid for PC maker Dell (DELL - Get Report), sources told Thomson Reuters LPC.

The funding will be launched on Monday at an afternoon lender call that Icahn, the activist investor, is expected to join, the sources said.

Icahn last week offered to buy up to $16 billion in Dell shares at $14 a share, or roughly 72% of the company's total shares, as he tries to improve upon a $13.65-a-share takeover offered by Silver Lake Partners and founder Michael Dell that has full support from Dell.

7. -- Apple (AAPL - Get Report) will tie the size of upper management's stock option packages (including CEO Tim Cook) to S&P 500 performance.

The award size will depend on how well the stock has performed over a three-year period.

8. -- Sonic (SONC), the chain of quick-service drive-in restaurants, is expected by analysts to report on Monday fiscal third-quarter earnings of 26 cents a share on revenue of $147.7 million.

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