"We've seen nothing but disappointment every time the G7 getstogether. The agenda is to force Europe to do something, but I think it is still less than likely thatthere will be something concrete coming out of this other than goodintentions," said Steen Jakobsen, chief economist at Saxo Bank . The Euro STOXX 50 was down 0.1 percent by 1018 GMT at 2,076 points,erasing earlier gains in a volatile session with volumes thinned bya second day of UK public holidays. The index has lost around a fifth of its valuesince mid-March and is in sight of an eight-month trough of2,050.16 set last week. "We are in a political environment where the debt crisis, theGreek situation is pushing down the market," said Oliver Roth,head trader at Close Brothers Seydler. "I think it's a miracle that we are still kind of stable ...There is a huge risk that if Greece gets out of the euro that wewill see much further pressure on the markets." The Greek bourse underperformed sharply, shedding 4.3 percent. Alleyes are on June 17 elections and whether Greece will be able toform a government willing to stick to the international bailoutterms and thus avoid a euro zone exit with unpredictable contagionrisks for the rest of the region. Spain , however, outperformed, with the IBEX up 0.3 percent, cheered byMontoro's comments that Spanish banks should be recapitalisedthrough European mechanisms. Highlighting Europe's problems, data showed euro zone retail salesand German industrial orders dropping more than expected in April. From a technical point of view, the outlook for Euro STOXX 50remains gloomy after the index dipped below November's troughs lastweek. "The break confirms that the market holds its next targetbelow the 2011 low point. Accordingly we are still very much infavor of selling temporary bounces such as the current one,"strategists at SEB said in a note. The charts also looked negative for the French CAC 40 index , wherethe 50-day moving average crossed below the 200-day moving averagein early trading on Tuesday, a strongly bearish technical signalcalled 'death cross', which usually means further losses in theindex six months down the road. We are high quality suppliers, our products such as Rubber Metal Bonding , Silicone Cooking Utensils Manufacturer for oversee buyer. To know more, please visits Medical Grade Silicone Rubber.
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