Ukrainian President Viktor Yanukovich has pledged to hold early elections, form a national unity government and bring back his country's 2004 constitution, which would reduce his powers.
However, it's not clear whether Yanukovich's promises will be enough to bring an end to the violent anti-government protests that have left dozens dead. While his proposals represent major concessions, they don't include the main demand of the demonstrators - that he quit.
Ukraine's PFTS stock index is +5.7%.
See also: S&P downgrades Ukraine