Turning Capex tide?

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The Journal reports that the Queensland government has withdrawn support for the second stage of the Abbot point coal terminal’s expansion.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