The Federal Reserve released its industrial production report on Wednesday. The U.S. industrial production increased 0.2% in January, missing expectations for a 0.5% rise, after a 0.3% drop in December. December's figure was revised down from a 0.1% decline

The increase was driven by higher output of utilities. Mining output dropped by 1% in January, while utility output climbed by 2.3%.

Capacity utilisation rate remained unchanged at 79.4% in January. December's figure was revised up from 79.7%.

Analysts had expected a capacity utilisation rate of 79.9%.