* U.S. jobs data, Europe PMIs lift markets
* Draghi comments support positive mood
* Europe rally spills over from Asia
* Earnings-season concerns pushed aside
* Oil prices hold above $50 (Updates after U.S. data)
By Lionel Laurent
LONDON, Nov 4 (Reuters) - Global equities were set for their third straight day of gains on Wednesday, buoyed by positive economic data and a fresh pledge from the European Central Bank to ramp up stimulus if necessary.
A stronger-than-expected reading for private-sector U.S. job growth added to the optimism, lifting the U.S. dollar and Treasury yields and putting Wall Street shares on track to open higher.
Over the past month, markets have clawed back losses from a summer sell-off driven by fears of a China slowdown. Investors are betting that the global economy is going through a short-lived rough patch rather than a deeper downturn.
European equities rose just over 1 percent, euro zone bond yields were flat to a touch lower and the euro fell after ECB President Mario Draghi said policymakers would review measures so far deployed when they meet in December.
The rally spilled over from Asia, where economy-friendly comments from China's president lifted Shanghai stocks and Japan Post's $12 billion initial public offering boosted Tokyo firms.
And Wall Street's main S&P 500, Dow Jones Industrial and Nasdaq markets were set to open 0.2 to 0.3 percent higher after the ADP's report on private employment showed an addition of 182,000 jobs in October, compared with the forecast of 180,000.
In Europe, private-sector surveys indicated Germany was on a solid growth path going into the fourth quarter. French activity expanded at its fastest clip in four months in October.
"A lot of the (growth) concerns that in the summer have been pushed to one side ... We are seeing investors getting on board," said Nick Lawson, a managing director at Deutsche Bank, though he cautioned that an underwhelming earnings season and a still-sluggish macroeconomic backdrop remained a concern.
Frankfurt's DAX index underperformed peers, dragged down by an 8 percent fall in Volkswagen shares. Fresh admissions over its emissions scandal threatened to make a serious dent in car sales.
Europe's earnings season is past the halfway point and just over half of the companies that have reported have failed to meet forecasts. Companies exposed to the commodities slump have been hit hard: Shares of Vedanta Resources fell 1 percent after suspending its dividend, though Glencore got a lift after saying it was on track to cut debt.
Oil prices fell on profit-taking while copper prices bounced back from one-month lows. (Reporting by Lionel Laurent Editing by Alison Williams)