Here’s our news story on the GM job cuts, which are deeper than I first suggested:

Shares in GM have jumped 5% as Wall Street welcomes its plan to close factories and cut jobs.

Back at the European Parliament, Mario Draghi has urged MEPs to learn the lessons of the last eurozone crisis:

Over in New York, shares have opened higher after last week’s truncated sessions (due to Thanksgiving).

The Dow has gained 1.3%, or over 300 points, in early trading.

I think we can read between the lines here....

Mario Draghi has also called for eurozone government’s to respect the eurozone’s ‘common rules’.

That’s an unsubtle hint to Italy’s government to adjust its 2019 budget, to avoid breaching EC deficit targets.

We’ve not heard anything from Carlos Ghosn since he was arrested a week ago after landing in Japan.

But these photos give a glimpse of life at the Tokyo Detention Center where he’s spent the last week, being questioned about claims he misused Nissan’s funds and deliberately under-reported his salary to the Tokyo stock exchanges.

Newsflash: Israel has raised interest rates, for the first time since 2011.

We have some grim, but unsurprising news for UK workers -- they’ve suffered the weakest real wage growth of any advanced economy in the last decade.

According to the International Labour Organization, Britain ranked bottom of a group of nine wealthy nations for its pay performance since 2009.

Real wages (stripping out the impact of inflation) have shrunk by 5% in the UK since the financial crisis. That’s slightly worse than Italy and far behind other major G20 nations such as the US and Germany. South Korea had the strongest real wage growth at 15%.

Carlos Ghosn was a uniquely powerful business chief - chairing three car companies under the Nissan-Renault-Mitsubishi alliance.

Indeed, he was hailed as a popular hero in Japan before his arrest last week.

Professor Konstantinos Stathopoulos, professor of accounting and finance at Alliance Manchester Business School, says this shows the perils of putting too much faith in a single leader:

“Mitsubishi’s move to dismiss Carlos Ghosn as chairman is the result of another significant corporate governance failure under the watch of a super boss.

“It follows his arrest and subsequent firing as chairman of Nissan and raises important questions over board oversight in companies that operate across different jurisdictions and, importantly, use unconventional corporate structures.

“Ghosn’s departure is one in a number of high-profile business leaders who have been removed from their positions in recent months. But this idea of the super boss won’t go away any time soon, since it serves – and is fuelled by – societal norms rather than corporate needs.

“Shareholders are likely to have a good understanding of the “true” value of a company’s boss, but as a society we seem to prefer associating failures or successes to individuals, rather than the business as a whole. The hero and villain stories will always be more appealing.”

While Mitsubishi was meeting to dismiss Carlos Ghosn, Nissan’s new interim chairman was updating staff on the situation.

Hiroto Saikawa told employees in Japan, and around the globe, that he was “shocked” at his former mentor’s alleged misconduct.

AFP has more details:

At a 45-minute meeting attended by hundreds of staff at the firm’s Yokohama HQ and broadcast internally to other sites, Saikawa stressed that the scandal should not affect day-to-day operations.

Saikawa, who rose through the Nissan ranks under Ghosn’s wing, has already spoken of his “great resentment and dismay” at the allegations.

According to Japanese media, Nissan formed a “secret” cell within the firm to look into the alleged financial misdeeds.

Christian Stadler, professor of strategic management at Warwick Business School, has predicted that more heads may roll...

“It is not surprising that Mitsubishi has followed Nissan in sacking Carlos Ghosn, he may not be the only person to lose his job over this scandal.

“It will be interesting to see whether any Nissan executives are forced to resign as well. It seems implausible that they did not know about his incredibly lucrative financial arrangements.

“The executives probably know this could jeopardise their own positions. Therefore I am inclined to think it was not them who exposed Mr Ghosn, despite speculation that the leak was an attempt to get rid of him.

“A more plausible interpretation is that Nissan CEO Hiroto Saikawa’s statement of shock was an attempt to protect himself after being surprised that this became such a scandal.”

Mitsubishi have released a statement to the Tokyo stock market, confirming that Carlos Ghosn has been dismissed as chairman.

They say that “it is considered difficult” for Ghosn to do the job, following the allegations of financial misconduct at Nissan.

Ghosn retains a seat on Mitsubishi’s board, though -- as only a shareholder vote can remove a serving board member.

Ghosn’s case is an early test of Japan’s new corporate whistle-blowing laws.

These laws are meant to make it easier to tackle crimes such as tax evasion and bribery, by offering more lenient sentences to insiders who report such crimes.

But there are already concerns over Ghosn’s arrest, as Magdalena Osumi of The Japan Times reports:

Nobuo Gohara, a former prosecutor and now lawyer at Gohara Compliance and Law Office in Tokyo, believes the legal grounds for Ghosn’s arrest are murky.

“I think it’s a common procedure for prosecutors to collect enough hard evidence and consult with legal authorities, but this time around it was not clear what the hidden payment was,” Gohara said at a news conference at the Foreign Correspondents’ Club of Japan in Tokyo.

He called the investigation that led to Ghosn’s arrest “violent” and “haphazardly done.”

Here’s Associated Press’s take on Ghosn’s dismissal from Mitsubishi today:

The board of Japanese automaker Mitsubishi Motors, which is allied with Renault and Nissan, voted Monday to dismiss Carlos Ghosn as its chairman after his arrest last week, citing a lack of trust.

Prosecutors arrested Ghosn on Nov. 19 on suspicion of under-reporting his income by $44 million over five years. Nissan Motor Co. ousted him as its chairman last week, saying an internal investigation found Ghosn abused company money and assets.

Mitsubishi said its current CEO, Osamu Masuko, will serve as both acting chairman and CEO pending a general shareholders meeting. It said Ghosn had lost the trust of Nissan and would find it difficult to continue to act as chairman.

Masuko told reporters the board’s decision was unanimous.

Seven of Mitsubishi Motors Corp.’s eight-member board attended Monday’s meeting, the company said.

Motoko Rich of the New York Times points out that Carlos Ghosn hasn’t actually been charged by the authorities, after a week of questioning.

Journalists Peter Hoskins flags up that Ghosn still has one job left - chair and CEO of Renault.

Over the weekend, more allegations of financial misconduct by Carlos Ghosn appeared in the newspapers.

Insiders claimed that Nissan had made donations to a foreign university attended by one of his daughters, and also funded family trips.

There are also claims that Nissan paid for several luxury homes around the world for their former chairman, who is also accused of misstating his salary by 5 billion yen (£34m) over several years.

Ghosn insists that he is innocent.

Japanese newspaper The Mainichi explains:

Ghosn has been telling investigators that he did not commit any wrongdoing. His close aide Greg Kelly, who is also under arrest in the same case, has told an individual who met him in detention that Ghosn’s “executive remuneration was properly listed in the financial statements” submitted to the authorities.

Kelly is also quoted as saying that he “did not receive illicit instructions” from Ghosn, according to those related to the case.

Mitsubishi’s CEO (and new interim chairman) Osamu Masuko has told reporters that sacking Ghosn was “an agonising decision,” but a necessary one to “protect the company”.

The decision to remove Ghosn from the chairmanship was unanimous, Mitsubishi says.

Just in: German business morale has fallen again, for the third month running.

IFO, the Munich-based thinktank, reports that its business morale index dropped to 102.0, from 102.9 in October, and lower than expected.

IFO chief Clemens Fuest warned that storm clouds are gathering:

“Sentiment among German businesses weakened further this month.

Companies scaled back their assessments of the current business situation albeit from a high level. Their business expectations also clouded over.”

IFO also fears that the German economy could be facing an economic turnaround, having contracted by 0.2% in the last quarter...

There’s no sign of a Brexit Bounce in the City this morning, after EU leaders signed off the UK’s withdrawal agreement yesterday.

The pound is still bobbing in the $1.28 zone against the US dollar, as traders ponder whether Britain will avoid crashing out of the block without a deal in four months time.

With the parliamentary maths still against Theresa May, it’s not clear what will happen if MPs reject the proposal later this month. Some analysts expect a second vote, remembering the row over America’s TARP bailout programme a decade ago.

Labour’s shadow Brexit spokesman, Keir Starmer, has argued this morning that the process could be extended - giving more time to negotiate a new deal.

But with EU leaders insisting yesterday that no other deal is possible, there’s not much to cheer investors this morning.

Shorter-dated Italian government debt are strengthening sharply this morning.

The yield (or interest rate) on Italian two-year bonds has fallen to 0.7%, from 0.95% on Friday. That’s a big move, suggesting Italy is seen as a less-risky investment.

European stock markets are roaring back!

Italy’s FTSE MIB has jumped by 3%, following Matteo Salvini’s conciliatory comments on the budget, led by financial stocks.

In London, the FTSE 100 has gained 75 points, or over 1%, to 7026 points.

Connor Campbell of SpreadEx says investors are cheered by the prospect that relations between Italy and the EU are thawing.

Comments from Italian deputy PM Matteo Salvini on Sunday, hinting that the country’s controversial 2.4% budget deficit could be lowered, came after reports of a meeting between Prime Minister Giuseppe Conte and European Commission President Jean-Claude Juncker on Saturday night.

These signs of progress were like catnip for good news-hungry investors, explaining the over-sized reaction of the European indices.

A junior Italian government minister has also hinted that the 2019 budget could be tweaked, to address Brussels’ concerns.

Armando Siri, a transport ministry undersecretary, told the Il Messaggero newspaper that:

“In order to save the budget and avoid an increase in market turbulence ... a small fine-tuning (of the deficit target) could be considered,”

Italian banking shares have surged by almost 5% in early trading, as relief ripples through trading floors in Milan.