US STOCKS-Wall St set to open higher on China rate cut, ECB hopes
* Major stock indexes set for fifth week of gains
* Miner shares jump on China bets
* Futures up: Dow 144 pts, S&P 17 pts, Nasdaq 33 pts (Updates prices)
By Rodrigo Campos
NEW YORK, Nov 21 (Reuters) - Wall Street was poised to open higher on Friday, setting major stock 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 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.
"To the extent that you got dueling positive monetary policy statements in two places that we were concerned about a slowdown in economic growth, that's very good," said Art Hogan, chief market strategist at Wunderlich Securities in New York.
"China's is more substantive because they are actually doing something," he said. "Draghi is talking about the potential, which is still good but not the same." Continuación...