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Market Update

European Stocks Flat; Obama-Greek P.M. Meeting Eyed

Shares in the European region opened flat amid lack of cues as Wall Street overnight and most Asian markets closed with little gains.

Investors may have chosen to stay on the sidelines ahead of Greece Prime Minister George Papandreou's key meeting with U.S. President Barack Obama and Treasury Secretary Timothy Geithner on Tuesday.

At 2:15 p.m. (IST), Britain's FTSE was flat, France's CAC rose 0.3%, Germany's DAX gained 0.1%, while Netherland's AEX and Swiss SMI advanced 0.2% each.

The euro continued to slide. The currency, which binds 16 nations in the Euro zone, is facing the biggest crisis since its inception after Greece made news last month for its gargantuan debt raising concerns of sovereign default.

The Greek leader has said he would seek help from the U.S. to crack down on "unprincipled speculators" that drove up Greece's borrowing costs.

Financial stocks were the losers in the region with Standard Chartered, Royal Bank of Scotland and Societe Generale dropping 1.9%, 1.3% and 2%, respectively.

Food stocks Nestle, Unilever and Danone, however, rose.

Earlier, most Asian markets ended little changed on Tuesday with China's Shanghai index logging gains of 0.5% while Hong Kong's Hang Seng ended flat. The Japanese Nikkei receded 0.2% at close while India's Sensex was trading flat at the time of writing.