European shares fall after oil output deal disappoints
* FTSEurofirst 300 slips 0.4 pct after 2 positive sessions
* Shares of oil companies come off highs after oil deal
* Banks under pressure as JP Morgan suggest not to buy
* Telecom Italia slumps after profit miss (Adds closing prices, details)
By Danilo Masoni and Sudip Kar-Gupta
MILAN/LONDON, Feb 16 (Reuters) - European shares fell on Tuesday after two sessions of strong gains, with disappointment over a deal to tackle a global oil supply glut dampening sentiment.
The pan-European FTSEurofirst 300 index was down 0.4 percent, reversing initial gains and following a 6 percent rise made over the last two sessions. The euro zone's blue-chip index Eurostoxx 50 index slid by the same amount.
Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels, but said the deal was contingent on other producers joining in - a major sticking point. Iran was absent from the talks and is determined to raise production.
"This agreement needs the nod from other OPEC and non-OPEC nations, which seems unlikely," said Stephane Ekolo, Chief European Strategist at Market Securities. "Therefore market participants turned cautious again and risk-off sentiment is back on." Continuación...