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U.K. stocks erased earlier gains on Tuesday and closed lower for a fourth straight session, as worries over the Greek deadlock and the prospect of a U.S. interest-rate rise hit investing sentiment.

The FTSE 100 index lost 0.5% to finish at 6,753.80, suffering its lowest close since March. Stocks in London have in recent days tracked wider losses across Europe, where ongoing concerns about Greece’s debt negotiations have weighed on the index.

Greece has submitted a new reform proposal to its international lenders, media reports said. But the Athens plan isn’t considered adequate, according to Bloomberg (, which cited an official close to the negotiations.

Earlier Tuesday, mining companies had pushed the FTSE higher, getting a boost from rising metals prices and hopes China may move to further ease its economic slump. May inflation data ignited concerns about deflationary pressures (, as factory prices sank, prompting speculation about the possibility of fresh stimulus in the world’s second largest economy.

Later in the session, however, several mining stocks reversed direction into the red, as most other FTSE 100 constituents fell. Shares of Anglo American PLC (AAL.LN) lost 2%, Rio Tinto PLC (RIO) (RIO) (RIO) dropped 1.3% and Fresnillo PLC (FRES.LN) slipped 0.2%.

Shares of HSBC Holdings PLC (HSBA.LN) (HSBA.LN)(HSBA.LN) closed down 0.9% after the banking giant said it would cut around 50,000 jobs ( in a major global overhaul to improve profitability, with 25,000 of those losses coming from disposals of most of its Brazil operations and an exit from Turkey.

Diageo PLC (DEO) (DEO) tacked on 0.4%, building on a 6.8% gain logged on Monday. Its shares were boosted by chatter that Brazilian billionaire Jorge Paulo Lemann’s buyout company 3G is considering a bid for the British alcohol company. Credit Suisse lifted its rating on Diageo to neutral from underperform on Tuesday.