European shares end winning streak as Evonik and health stocks fall
* FTSEurofirst 300 ends 5-day winning run
* Moody's cuts outlook on global pharma sector
* Evonik falls after disappointing update
* Telecom Italia (Other OTC: TIAJF - news) shares rise (Updates with closing prices)
By Danilo Masoni
MILAN, March 3 (Reuters) - European shares fell back on Thursday, with chemicals maker Evonik and major healthcare stocks among the worst performers, halting a run of five straight days of gains.
The pan-European FTSEurofirst 300 index, which reached a one-month high earlier this week, slid 0.5 percent. The euro zone's blue-chip Euro STOXX 50 index also weakened by 0.3 percent.
Evonik slid 6.3 percent after flagging a decline in 2016 adjusted core earnings.
Major healthcare stocks such as Roche and GlaxoSmithKline (Other OTC: GLAXF - news) also fell after credit rating agency Moody's cut its outlook on the global pharmaceuticals industry to "stable" from "positive".
After a turbulent start to the year due to worries about global growth and the health of the banking sector, European stock markets enjoyed a recent rally as oil prices recovered and fears over a U.S (Other OTC: UBGXF - news) . economic slowdown abated.
However, the FTSEurofirst remains down 7 percent so far in 2016, and some analysts said more signs that the global economy was on a firmer footing were needed to push markets higher.
"For markets to continue to move higher, more good data, especially out of the U.S., will be needed," said Markus Huber, a trader at City of London Markets.
JC Decaux (Dusseldorf: 1140587.DU - news) climbed 3.8 percent after the French advertising company forecast organic revenue growth of around 9 percent in the first quarter of this year and proposed a 12 percent hike in its 2015 dividend.
Telecom Italia also surged 6 percent after a Bloomberg News report that the position of its chief executive was being reviewed by the Italian phone company's biggest investor Vivendi (LSE: 0IIF.L - news) . Telecom Italia declined to comment.
Today's European research round-up (Reporting by Danilo Masoni; Editing by Mark Heinrich)