Most Asia stock markets went into reverse Wednesday after a recent rally, with energy firms down and oil unable to hold early gains after an output freeze by top producers Saudi Arabia and Russia left investors disappointed. On the other hand, European stock markets resumed their recovery on Wednesday, boosted by a rise in the shares of French bank Credit Agricole and miner Glencore. The commodity had enjoyed a surge from Friday to early Tuesday as Moscow and Riyadh - the world's two biggest producers - prepared for talks on a rout that has seen the cost of a barrel collapse and hammered global markets.However, the conditional agreement between Saudi Arabia - the de facto leader of OPEC - and Russia, Venezuela and Qatar to freeze output at record January levels rather than making cuts, has left a bad taste in the mouths of traders, sending both main contracts into reverse."The market was expecting a little more - cuts to production, for example, and it's undeniable that investors aren't fully satisfied with the pledge," said Chihiro Ohta, general manager of investment information at SMBC Nikko Securities.Eyes are now on two historic rivals and key OPEC members, Iran and Iraq, to see if they can reach an agreement that would help ease a crippling glut in the global supply."Iraq and Iran are the two countries that will contribute to growth from among the OPEC nations this year," Richard Gorry, managing director at JBC Energy Asia in Singapore, told Bloomberg Television."Getting an agreement from these nations is going to be very difficult, particularly in the case of Iran," he added, referring to the fact the country has only just started exporting after Western nuclear-linked sanctions were recently lifted.After rallying more than 1 percent in the morning, U.S. benchmark West Texas Intermediate was down 0.2 percent in the afternoon and Brent was marginally higher.Hong Kong-listed energy giant CNOOC fell 4 percent and PetroChina was 3 percent off, while in Sydney, Woodside Petroleum lost 7 percent and Rio Tinto fell 2.5 percent lower. In share markets, an early rally lost steam as profit-seekers moved in following some hefty gains on Monday and Tuesday.Tokyo's nikkei fell 1.36 points after enjoying a more than 7 percent surge in the previous two sessions, with a stronger yen acting as a millstone.However, mobile carrier SoftBank soared for the third day after it announced on Monday that it would buy back about 14 percent of its shares for more than $4.0 billion over the course of one year.SoftBank, a market heavyweight, gained almost 6 percent, having surged roughly 30 percent since the buyback announcement after tanking 28 percent since the start of the year in lieu of the rout in global stocks.In other markets, Hong Kong lost 1 percent, Sydney closed 0.6 percent lower and Seoul was 0.2 percent off.The sell-off came despite gains in New York, where the Dow closed up 1.4 percent Tuesday, the S&P 500 rose 1.7 percent and the NASDAQ saw 2.3 percent gains.However, Shanghai added more than 1 percent - on top of a 3.3 percent gain Tuesday - amid growing hopes for fresh measures to kick-start the second largest economy in the world.The rally came as reports swirled that China would make more cash available to local authorities, enabling them to invest in new building projects and reinforcing speculation that the government is planning fresh stimulus.Later in the day, The Federal Reserve will release the minutes of its January policy meeting, which experts will pour over looking for clues into the bank's way of thinking regarding monetary policy.On the other hand, boosted by a rise in the shares of French bank Credit Agricole and miner Glencore, the pan-European FTSEurofirst 300 index was up 1.7 percent by 1127 GMT, and the euro zone's blue-chip index Eurostoxx 50 index added 1.8 percent.The FTSEurofirst slipped 0.4 percent the previous day and remains down around 10 percent since the start of 2016 due to persistent concerns about a global economic slowdown and weak commodity prices. But the index has staged a recovery recently, rising 6 percent in the two sessions before Tuesday's slight drop, partly on a recovery in banking shares. "Overall sentiment is neutral to positive, with the momentum clearly pointing to the upside," said City of London Markets Limited trader Markus Huber. Credit Agricole was among the strongest performers, rising 11.9 percent after it beat expectations with its results. The French bank also promised stable investor returns and a solid capital base in the future as it outlined plans to simplify its much-criticised ownership structure."Overall it's been a good quarter for them. It looks like they have enough capital and the new ownership structure should be clearer and less convoluted than before," said Clairinvest fund manager Ion-Marc Valahu, who added that he had recently bought into the euro zone banking index.British miner Glencore climbed 9.4 percent after announcing the refinancing of its debt, while Schneider Electric surged 9 percent after reporting higher revenues and earnings. Shares in Swedish heating technology company Nibe Industrier jumped 13 percent higher after its results beat market expectations.However, shares in RWE fell 13.5 percent after scrapping the dividend on its common stock for the first time in at least 23 years, as Germany's second biggest utility struggles to hold on to cash following major writedowns."Scrapping the dividend is a devastating signal, you couldn't send a worse one," a trader said. According to Thomson Reuters StarMine data, 52 percent of the companies on the European STOXX 600 index have met or beaten market expectations with their fourth-quarter results so far, while 48 percent have missed those expectations.