China is planning to cut its growth target to around 7% in 2015  its lowest goal since 2004, as policymakers try to manage slowing growth, job creation and pursue reforms to drive the economy, Reuters reports. Data last week showed that China's economy only expanded 7.4% in 2014, its slowest pace in 24 years. Sources say the growth target, which is set to be announced in March, was endorsed by top party leaders and policymakers at a closed-door Central Economic Conference in December.

Apple reports largest net income for its fiscal first quarter.

Apple +7.3% premarket after reporting the largest net income of any public company in history and beating even the most bullish Wall Street forecasts. The tech giant posted profit of $18B for its fiscal first quarter, up 38% from $13.1B a year earlier, and sold 74.5M iPhones during the quarter. CEO Tim Cook also announced that the company will begin shipping the Apple (NASDAQ:AAPL) Watch sometime in April.

Microsoft reported a fall in its quarterly profit that was in line with Wall Street forecasts, as the company struggled with the impact of a strong U.S. dollar and reduced demand for Windows software due to slumping personal computer sales. Net profit came in at $5.86B compared with $6.56B in the year-ago quarter. Microsoft (NASDAQ:MSFT) also set its financial forecast for the remainder of the fiscal year, which ends in June, below Wall Street estimates. MSFT -6.8% premarket.

The ruble recovered slightly followed by S&P downgrade Russia's rating

The ruble has recovered slightly, trading at 67.79 per dollar, after ending Monday's session over 6% lower at 68.79. The plunge followed yesterday's move by S&P to downgrade Russia's sovereign rating to junk due to weak economic growth prospects, low oil prices and Western sanctions. Russian share indexes opened lower this morning, although the ruble-based MICEX is now up by 1.6%, while the dollar-based RTS is still down by 0.8%

European markets are jittery

As investors digest news that the left-wing, anti-austerity Syriza party won a general election in Greece on Sunday. Party leader Alexis Tsipras has already moved to form a coalition that will work to reverse years of austerity measures imposed on Greece by the Troika. The euro dropped to a fresh 11-year low after initial results came out, falling as far as $1.1098 vs. the dollar, although it is now up 0.4% at $1.1244 amid speculation that the victory won't push the nation to exit the currency bloc. Athens' ATG stock index is down 1.2%.

ECB launches 1 trillion euro rescue plan to revive euro economy

The European Central Bank took the ultimate policy leap on Thursday, launching a government bond-buying programme which will pump hundreds of billions in new money into a sagging euro zone economy.

The ECB said it would purchase sovereign debt from this March until the end of September 2016, despite opposition from Germany's Bundesbank and concerns in Berlin that it could allow spendthrift countries to slacken economic reforms.

Together with existing schemes to buy private debt and funnel hundreds of billions of euros in cheap loans to banks, the new quantitative easing programme will release 60 billion euros ($68 billion) a month into the economy, ECB President Mario Draghi said.

By September next year, more than 1 trillion euros will have been created under quantitative easing, the ECB's last remaining major policy option for reviving economic growth and warding off deflation. The flood of money impressed markets: the euro fell more than two U.S. cents to $1.14108 on the announcement, and European shares hit seven-year highs.

China’s central bank injected $8B of capital support

China’s central bank injected $8B of capital support into the country's financial markets today, spurring speculation that further loosening of monetary policy may be on the way as the economy grows at its slowest rate in more than two decades. Almost fully recovering from Monday's 8% plunge, the Shanghai Composite closed up 0.6% on the news. The move also comes ahead of the Lunar New Year holiday next month when demand for funds normally increases substantially.