Obviously they will track each other very closely, but differences between the two could be because of underlying sentiment in either market, or domestic issues affecting the either market.
price sensitive ann's will be released in one market whilst the other is shut, which is why you often see one market completely outperform the other in a session, with the other market catching up when it opens, and the ann is released locally.
Its not easy to arbitrage the difference between the two because of transaction costs, currency exchange costs and market risk. The two markets arent open at the same time - ie you cant be buying one and selling the other real time to capitalise on the difference, and if you want to trage the difference you will need to sleep on the market risk, before currency and transaction charges.
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