GLOBAL MARKETS-Stocks, commods gain ground, payrolls eyed

* MSCI world equity index up 0.4 percent

* U.S. payrolls awaited

* Equities, Aussie dollar gain ground

by Simon Falush

LONDON, Nov 6 (Reuters) - Global stocks and commodities gained on Friday, buoyed by firm U.S. data the previous session, lifting risk appetite ahead of hotly anticipated jobs data which will give more evidence on the state of the global economy.

Investors were reluctant to take big positions ahead of U.S. non-farm payrolls data due at 1330 GMT. The U.S. economy is expected to have shed 175,000 jobs in October, the 22nd month of declines but a smaller decline than in September.

Optimism that the figure may come in lower than expected was fostered after the U.S. Labor Department said initial claims for state unemployment benefit had dropped to its lowest level since early January.

Data showing that U.S. productivity grew at its fastest pace in six years also helped lift demand for riskier assets like equities and commodities like oil and metals. [ID:nN05106320]

By 0859 GMT the MSCI world equity index .MIWD00000PUS was up 0.4 percent, its highest since last Friday and up 2.6 percent this week.

"The key figure we've got out today is the non-farm payrolls, so if it doesn't live up to expectations then I think we're going to see a big dump in these markets," said Mike Lenhoff, strategist at Brewin Dolphin.

"If the figure at least matches expectations, and if it's better, we'll do okay and we should end the week on a reasonably firm note," he said.

Reflecting the increased appetite for risk, emerging markets equities outperformed, up 1.1 percent .MSCIEF.

European stocks tracked gains in Asia with the FTSEurofirst 300 index .FTEU3 up 0.5 percent.

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