Two Saudi Aramco oil refineries, one in Abqaiq and one in Khurais, Saudi Arabia, are attacked by drones, resulting in massive fires. The fires are under control, according to the Saudi Arabian Interior Ministry. Houthi militants claim responsibility, saying that they used 10 drones for the attack.
China lets its currency drop to its lowest reported level since 2008 and also asks its state-owned companies to halt imports of U.S. agricultural products. In response the U.S. Treasury Department designates China as a currency manipulator.
The European Union, Australia, India, Malaysia, Singapore, and Turkey ground all Boeing 737 MAX 8 jets. This means 40% of the global fleet is now grounded, with Indonesia, China and several airlines grounding their aircraft yesterday. Boeing states they will issue a software update for the model within weeks.
American electronics maker Apple warns that iPhone sales are slowing significantly and the product is in weak demand, blaming trade tensions with China. The company says that it has lowered its expected fiscal earnings for the first quarter as a result, citing disappointing holiday sales figures, and that it could lose $9 billion due to the decline.