* Euro STOXX 50, DAX and CAC all gain ground
* Banco Popolare and Allianz rise
* Commodity stocks impacted by weak China data
By Sudip Kar-Gupta
LONDON, Aug 10 (Reuters) - Euro zone stock markets advanced on Monday, as a rise in some major financial shares offset the impact of weaker commodity stocks weighing on the British market.
The euro zone’s blue-chip Euro STOXX 50 index rose 1 percent, while Germany’s DAX and France’s CAC both advanced by 0.9 and 0.7 percent respectively.
The broader, pan-European FTSEurofirst 300 index progressed by 0.6 percent, but Britain’s FTSE 100 - which has a greater exposure towards commodity stocks than other European markets - declined by 0.1 percent.
Oil stocks fell after economic data over the weekend from China, which is a major energy and metals consumer, showed another sharp drop in factory-gate prices and a surprise slump in exports.
The weak Chinese data also caused some mining stocks to lose ground, but some financial stocks fared better to lend support to euro zone equity markets.
German insurer Allianz rose 2.2 percent after price target upgrades from JP Morgan, Berenberg and Exane BNP Paribas.
Shares in Italy’s Banco Popolare also climbed 3.8 percent after the company reported a rise in profits late on Friday.
“The continental European markets look a lot better than the UK at the moment. I would favour the Euro STOXX over the FTSE,” said Andreas Clenow, hedge fund manager and principal at ACIES Asset Management.
The Euro STOXX 50 is up around 17 percent since the start of 2015, while the FTSEurofirst is also up by a similar amount.
Germany’s DAX is up around 18 percent since the start of the year, although it is some 7 percent below a record high reached in April.
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today’s European research round-up (Additional reporting by Liisa Tuhkanen; Editing by Gareth Jones)