Turning Capex tide?

The Journal reports that the Queensland government has withdrawn support for the second stage of the Abbot point coal terminal’s expansion.

According to the story, Rio had already pulled out a few weeks back.

For some time, the equity market has been warning that the capex surprises are likely to be on the downside.

The ASX Materials sector is down ~36% from its April 2011 peak, and is at its lowest level since mid 2009.

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