Hong Kong — An expected surge in election-related volatility in the US stock market is paving the way for Asian shares to make a run at besting their American peers.

Since hitting a low relative to the S&P 500 on September 2, the MSCI Asia Pacific Index has outperformed the US benchmark by almost five percentage points. That nascent trend is expected to persist at least until the November poll and potentially beyond, according to strategists...

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