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Heat the olive oil in a skillet over medium-high heat. Mix in onion and garlic, and season with salt, pepper. Cook and stir until tender.
Place asparagus in the skillet, lower heat and cook 8 to 10 minutes, turning occasionally to coat with seasonings. Add Balsamic vinegar. Sprinkle wine into the skillet.
Transfer asparagus to a shallow dish. Drizzle with remaining mixture in skillet, and dust evenly with Parmesan cheese.
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