US STOCKS-Futures rise on China's rate cut, ECB hopes

* Major stock indexes set for fifth week of gains

* Miner shares jump on China bets

* Futures up: Dow 119 pts, S&P 14 pts, Nasdaq 30 pts

By Rodrigo Campos

NEW YORK, Nov 21 (Reuters) - U.S. stock index futures rose on Friday, setting major indexes up for a fifth week of gains, after China's central bank cut its benchmark interest rate for the first time in more than two years to boost its cooling economy.

* The People's Bank of China (HKSE: 3988-OL.HK - news) said it was cutting one-year benchmark lending rates by 40 basis points to 5.6 percent. It lowered one-year benchmark deposit rates by less - just 25 basis points. The changes take effect from Saturday.

* China's move came after European Central Bank head Mario Draghi said "excessively low" inflation had to be raised quickly by whatever means necessary, kindling expectations the ECB will move to stimulate the euro zone economy.

* Equity markets have expected other major central banks to step up their accommodative policies as the U.S. Federal Reserve scales down its stimulus program, which has been a pillar of a years-long bull market on Wall Street.

* Shares (Frankfurt: DI6.F - news) of miners led gains in Europe, and U.S.-traded stocks of global metals companies were among the most heavily traded in premarket action. Rio Tinto (Xetra: 855018 - news) , Vale and BHP Billiton (NYSE: BBL - news) rose more than 3 percent each.

Futures snapshot at 7:28 a.m. EST (Other OTC: ECPCY - news) (1228 GMT):

* S&P 500 e-minis were up 13.75 points, or 0.67 percent, with 188,980 contracts changing hands.

* Nasdaq 100 e-minis were up 30 points, or 0.71 percent, in volume of 31,191 contracts.

* Dow e-minis were up 119 points, or 0.67 percent, with 33,707 contracts changing hands. (Editing by Bernadette Baum)