The Federal Reserve released its industrial production report on Tuesday. The U.S. industrial production fell 0.4% in August, missing expectations for a 0.2% decrease, after a 0.9% gain in July. July's figure was revised up from a 0.6% rise.

The drop was driven by a fall in the manufacturing output, which plunged by 0.5% in August. It was the biggest drop since January 2014.

Mining output was down 0.6% in August, while utilities production increased 0.6%.

Capacity utilisation rate decreased to 77.6% in August from 78.0% in July, missing expectations for a decline to 77.8%.