* North and South Korea engage in missile launches aimed at each other’s coasts
* Brazil’s Bolsonaro breaks silence, allows transfer of power to proceed
* Netanyahu poised for comeback as Israel prime minister, exit polls show
* Eurozone factory downturn accelerates amid record inflation
* Fed expected to announce another 75-basis-points rate hike today
* China orders Covid lockdown around iPhone factory in Zhengzhou
* US job openings rebound in September despite Fed efforts to cool labor market
* Construction spending in US rebounds in September, surprising analysts
* US manufacturing activity is virtually stagnant in October via ISM Mfg Index:

Former Treasury Secretary Larry Summers says the Fed should keep hiking rates. In an interview with CNN, he advises there’s a greater risk to the economy that the Fed is still not doing enough to tame inflation. “I look at economic history and I see that there are many times when the Fed didn’t do enough and so inflation re-accelerated, but I can’t find any times in the last 60 years when the Fed did too much. Even if there is a downturn or recession, I don’t think there’s any reason to think that the Fed has any real prospect of pushing inflation durably below [their stated inflation goal of] 2% without a lot more action.”