The Food and Drug Administration said that it is stopping routine inspections of food, drugs and medical devices overseas through April, due to the worldwide spread of the coronavirus.This impacts its inspections in India pharma companies.

By postponing inspections, the FDA will also not be able to visit facilities that are to be reviewed as part of product applications. For already approved products, the FDA will resort to physically checking products at US ports, and product sampling at its borders. The FDA said that it is examining alternative processes in the meantime to prevent delays in product approval and quality control. 

Asia stocks rose Tuesday, with Shanghai (+1.82%), Hong Kong (+1.53%) and Japan (+0.85%) indices all closing higher.  US and Europe saw a mixed recovery after the sharp downswing on Monday after an oil price war between Saudi Arabia and Russia, and coronavirus fears. Stocks swung sharply, as investors seemed as unsure about the economic and disease outlook as government officials. 

The London (-.09%) and Frankfurt (-1.41%) exchanges ended flat and negative. 

The US indices are expected to close higher. Investors particularly in the US are waiting for the government to act decisively, possibly by a cash influx and tax cuts to revive trust in financial markets. 

Bank of America cut its 2020 forecast for global growth to 2.2% from 2.8%. This is the second time in two weeks that the bank has cut its estimate. Shale oil companies are taking big hits in forecasts as oil prices tank.