gcc 3.4 supports the flag -mno-tls-direct-seg-refs. It should be filtered out in the # xgcc wont understand gcc 3.4 flags... section.
you lack your emerge info. you have set CFLAGS your C compiler don't support? Or does libstdc++-v3 add this itself?
libstdc++-v3 filters out gcc 3.4 flags. '-mno-tls-direct-seg-refs' is a gcc 3.4 flag. You put it in CFLAGS to make sure that all of your compiled code will perform well under Xen.
Fixed by me.