The pound moved sharply lower and U.S. and U.K. stock futures tumbled as the early results from the U.K.’s Brexit referendum pointed to a “leave” vote.

With 163 of the 382 counting areas having announced results, the exit camp was ahead with 51.2% of the votes versus 48.8% for the “stay” camp.

The fear of a Brexit shook the global financial markets early Friday morning. The pound GBPUSD, +0.04% sank to $1.3971, down 5.9% from just before the polling stations closed at 10 p.m. London time, or 5 p.m. Eastern time. That would mark one of biggest losses for the pound since the financial crisis in 2008.

Futures for the FTSE 100 index UKX, -0.70% slumped 6.1% to 5,900, indicating one of the biggest falls for the index since 2009.

“Stocks and sterling are whipsawing around as markets are starting to price in a Brexit. The pound is swinging around and FTSE futures are trading down 5% at present. Gold is rallying strongly on safe haven demand,” said Joe Rundle, head of trading at ETX Capital in a note.

“We can expect to see these gyrations continue throughout the night as traders react to the referendum results as they come in. We’re not seeing a panic just yet but the complacency has definitely gone,” he added.

U.S. stock futures also slumped, with those for the Dow Jones Industrial Average US:YMU6 off 390 points, or 2.2%, at 17,519. Futures for the S&P 500 index US:ESU6 lost 2.5% to 2,052, while those for the Nasdaq 100 index US:NQU6 dropped 2.5% to 4,355.25.

Crude oil CLQ26, gave up 3.2% to $48.52 a barrel. Gold US:GCQ6, on the other hand, rallied 1.6% to $1,283.30 as investors rushed to safe havens.