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GLOBAL MARKETS-Stocks swing higher, bonds rally as U.S. vote goes to the wire

(Updates prices)

* Asian stock markets:

* S&P futures whipsawed as U.S. vote proves too close to call

* Dollar rallies, 10-yr Treasury yields down sharply

* Gold retreats, oil clings to gains

* Graphic: 2020 asset performance

* Graphic: World FX rates in 2020

SYDNEY, Nov 4 (Reuters) - Share markets swung between losses and gains in wild Asian trading on Wednesday as results from the U.S. presidential election proved far closer than polls had predicted, leaving the outcome utterly in doubt.

Investors had initially wagered that a possible Democratic sweep by Joe Biden could ease political risk while promising a huge boost to fiscal stimulus.

But the mood quickly changed on signs President Donald Trump could well snatch Florida and was much closer in other major battleground states than polls had predicted. (Who is winning? Click on)

U.S. equity futures went on a wild ride, rising then falling, only to climb again as the voting seemed to favour Trump. (For multimedia U.S. election coverage, click: here

Some investors were now hedging against the risk of a contested election or at least a drawn-out process as mail-in ballots were counted.

“It’s a wait-and-see,” said Matt Sherwood, head of investment strategy at Perpetual in Sydney.

“I think the odds of a clean (Democrat) sweep are diminishing, almost by the minute. That reduces the possibility, or the likelihood at least of a large stimulus program being agreed to in the first days of a Biden administration.”

That saw 10-year Treasury yields fall all the way back to 0.83%, from a five-month top of 0.93%.

Dealers said investors could be thinking a status quo result would at least lessen political uncertainty and remove the risk a Biden administration would roll back corporate tax cuts.

The tech sector seemed encouraged with NASDAQ futures rising 3.6%, while E-Mini futures for the S&P 500 swung 1.4% higher. EUROSTOXX 50 futures also turned 0.6% firmer, and FTSE futures gained 0.7%.

Japan’s Nikkei was ahead by 2%, while MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%.

Chinese blue chips rose 0.5%, with markets uncertain how Sino-U.S. relations would develop from here.

The U.S. dollar also had a roller coaster session, reversing early losses to be last up 0.9% on a basket of currencies at 93.956. The euro fell back hard to $1.1644 and away from a top of $1.1768.

Investors are still awaiting the outcome of U.S. Federal Reserve and Bank of England meetings this week, which are expected to at least give a nod to further stimulus.

The Reserve Bank of Australia on Tuesday cut interest rates to near zero and boosted its bond-buying program, adding to the tidal wave of cheap money flooding the global financial system.

Gold had recently been buoyed by all this liquidity but ran into profit taking on Wednesday, losing 0.6% to $1,897 an ounce.

Oil prices held gains made after industry data showed crude inventories in the United States dropped sharply.

Dealers noted a returned Republican administration would likely be more positive for the oil industry than Democrats that favoured renewable technology.

U.S. crude were up 97 cents at $38.63 a barrel, with Brent crude futures gaining 93 cents to $40.64.

Reporting by Wayne Cole; additional reporting by Gui Qing Koh, editing by Richard Pullin, Sam Holmes and Kim Coghill