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GLOBAL MARKETS-Shares turn skittish as early results show tight election

* Asian stock markets:

* Nikkei off highest since Feb, S&P futures backtrack

* Dollar pares losses, 10-yr Treasury yields off 5-mth high

* Oil, commodities still up on hopes for US fiscal stimulus

* Graphic: 2020 asset performance

* Graphic: World FX rates in 2020

SYDNEY, Nov 4 (Reuters) - Asian share markets turned cautious on Wednesday, paring sharp early gains as results from the U.S. Presidential election hinted at a close race with no clear winner yet in sight.

Investors had initially wagered that a possible Democratic sweep could ease political risk while promising a huge boost to fiscal stimulus, hitting safe-haven dollar and bonds.

But signs President Donald Trump might snatch Florida sobered the mood and saw 10-year Treasury yields drop to 0.89% from a five-month top of 0.93%.

E-Mini futures for the S&P 500 retreated 0.2%, having earlier been up 1%. Japan’s Nikkei was still up 1% but South Korea went flat. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3%.

The U.S. dollar likewise reversed early losses and gained 0.4% on a basket of currencies to 93.494. The euro eased back to $1.1707 from a top of $1.1768.

Investors are still awaiting the outcome of 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.

This surfeit of liquidity has been a boon for gold, which is tightly limited in supply. The yellow metal ran into profit taking on Wednesday and dipped to $1,902 an ounce, but stayed comfortably above last week’s trough of $1,858. Oil prices also pared their early gains as the election outcome turned murky.

U.S. crude were up 42 cents at $38.08, with Brent crude futures last at $39.71.

Reporting by Wayne Cole; editing by Richard Pullin