Bets in Asian markets quickly reversed course Friday, with stocks dropping as early results from the U.K. European Union referendum surprised investors and sent them rushing back to haven assets. The volatility started in currencies and spread to markets from Australia to Tokyo, where shares gave up gains from the open.

By midmorning Asia time, the Nikkei Stock Average NIK, -7.27% was down 1%, Australia’s S&P ASX 200 XJO, -3.57% was off nearly 2% and Hong Kong HSI, -4.67% , just opening, fell 1.8%. In China, the Shanghai Composite Index SHCOMP, -1.19% was choppy, last up 0.2%. READ MORE