• ASX 200 Index corrects after reaching record highs on Tuesday.
• Australia’s market sentiment improved due to the positive manufacturing performance in China.
• Genex Power has verified that Fortescue has not fulfilled the conditions precedent for one of Queensland's largest renewable energy projects.

The ASX 200 Index retreats to around 7,880 after reaching new record highs on Tuesday. The index saw support from gains in materials, mining, and utilities sectors. Sentiment received a boost from positive manufacturing performance in China, Australia's primary trading partner, as indicated by a private survey showing factory activity expanding at its fastest rate in 13 months.

Some of the top gainers included West African Resources, which surged by 5.00% to reach 1.26; Newmont, rising by 1.65% to 36.43; and Gold Road Resources, gaining 4.87% to reach 1.66. Conversely, among the top losers were Orora, plummeting by 13.42% to 2.36; Netwealth Group, declining by 5.16% to 20.03; and Megaport, decreasing by 4.60% to 14.30.

Macmahon Holdings specializes in providing comprehensive mining services to clients across Australia and Southeast Asia, with a particular focus on the gold sector. The company has expanded its operations into capital-tight sectors such as mining support services and civil infrastructure, diversifying its portfolio.

Genex Power has confirmed that Fortescue, a major Australian resources company, has not yet met the conditions precedent for one of Queensland's largest renewable energy projects. Fortescue had previously entered into a 25-year solar power purchase agreement (PPA) with Genex in October 2023 for the Bulli Creek Solar and Battery Project (BCP).

The Reserve Bank of Australia's (RBA) March meeting minutes indicate that the central bank did not consider the option of raising interest rates. With inflation rates persisting higher than those in other countries and a tight job market, the RBA is anticipated to maintain the current cash rate until at least November