* Private sector job creation jumps in November
* Euro bounces off 10-week lows against U.S. dollar
* Chinese factory report points to global growth
* Futures up: Dow 145 pts, S&P 17.2 pts, Nasdaq 30.5 pts (Updates prices, adds quote, economic data)
By Rodrigo Campos
NEW YORK, Dec 1 (Reuters) - U.S. stocks were set to rise 1 percent at the open on Wednesday as upbeat U.S. and Chinese data lifted investor confidence about a global economic recovery.
The number of new U.S. private sector jobs surged in November, the biggest rise since November 2007, while China posted strong factory production data. Despite the potential need for further monetary tightening in China, analysts saw the data as a positive for equities.
"We're going to focus more on China's data today and the fact that the ADP report came in better than expected," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.
The Select Sector SPDR Energy ETF, representing energy shares, rose 1.3 percent. A stronger Chinese economy would mean increased demand for energy.
Further supporting risk-taking, the euro rose as pressure on its higher-yielding sovereign debt eased as traders bet the European Central Bank (ECB) would step up its bond buying program. In recent weeks, the euro and U.S. stocks have traded in sync with each other.
U.S. banks are expected to bounce from recent declines, with the Select Sector SPDR Financial ETF up 1.5 percent.
"There's been a bit of a recovery trade out of Europe that remains fluid because of this speculation over what the ECB may or may not do," said John Brady, senior vice president at MF Global in Chicago.
S&P 500 futures rose 17.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures jumped 145 points, and Nasdaq 100 futures added 30.5 points.
S&P 500 futures traded above their 14-day moving average for the first time in three sessions. They have not settled above that mark since Nov. 11. The S&P 500 index still faces strong resistance at 1,200. The index closed at 1180.55 on Tuesday.
"The market is factoring in that all these problems (from Europe) are going to be resolved. But we're still in the same range of the last two weeks," said Tom Alexander, head of Alexander Trading in Savannah, Georgia.
ISM manufacturing data at 10 a.m. EST (1500 GMT) is expected to show the sector expanded for a 15th month running, further supporting U.S. equities.
In a development closely watched by investors, U.S. President Barack Obama named Treasury Secretary Tim Geithner and budget director Jack Lew to work with congressional Republicans and Democrats and look into Bush-era tax cuts that are set to expire soon.
U.S. stocks fell Tuesday in choppy trading after Standard & Poor's warned it could soon cut Portugal's credit ratings if growth prospects weaken further or private creditors become subordinated to public creditors in a possible financial aid program.