European shares snap winning streak as Evonik and health stocks fall

* FTSEurofirst 300 down 0.5 percent

* Moody's cuts outlook on global pharma sector

* Evonik falls after disappointing update (Adds details, updates 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 had reached a one-month high this week, declined 0.5 percent, as did the euro zone's blue-chip Euro STOXX 50 index.

Evonik slid 6 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 have had 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 (Other OTC: JCDXY - news) surged 5.9 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.

Aerospace engineering group Rolls Royce (LSE: RR.L - news) also rose 5 percent, lifted by a price target upgrade from investment bank Jefferies.

Today's European research round-up (Reporting by Danilo Masoni; Editing by Andrew Heavens)