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 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. economic slowdown abated. Continuación...