We analyse one-loop graviton amplitudes in the field theory limit of a
genus-one string theory computation. The considered amplitudes can be
dimensionally reduced to lower dimensions preserving maximal supersymmetry. The
particular case of the one-loop five-graviton amplitude is worked out in detail
and explicitly features no triangle contributions. Based on a recursive form of
the one-loop amplitude we investigate the contributions that will occur at
n-point order in relation to the ``no-triangle'' hypothesis of N=8
supergravity. We argue that the origin of unexpected cancellations observed in
gravity scattering amplitudes is linked to general coordinate invariance of the
gravitational action and the summation over all orderings of external legs.
Such cancellations are instrumental in the extraordinary good ultra-violet
behaviour of N=8 supergravity amplitudes and will play a central role in
improving the high-energy behaviour of gravity amplitudes at more than one
loop.Comment: 25 pages. 2 eps pictures, harvmac format. v2: version to appear in
JHEP. Equations (3.9), (3.12) and minor typos correcte