New Zealand shares retreated on Monday despite gains in Asia ahead of Donald Trump's official return to the White House.

The S&P/NZX 50 Index fell 0.3%, or 42.12 points, to close at 13,088.31.

Shares in Asia advanced as investors tracked gains on Wall Street last Friday, with the Shanghai SSE up 0.5%, Japan's Nikkei 225 rising 1.2%, and Hong Kong's Hang Seng rallying 2.3%.

The upbeat sentiment comes before Trump's inauguration on Monday at around 12 pm Eastern time.

Trump is said to be interested in visiting China again during his first 100 days in office, the Wall Street Journal reported on Jan. 18, citing unnamed people familiar with the matter. A day earlier, Trump said via Truth Social that he had a phone call with China's President Xi Jinping to discuss trade and TikTok, among other matters.

There are no macroeconomic reports released on Monday in New Zealand but investors are expected to keep an eye on the fourth-quarter inflation data due on Wednesday.

In corporate news, Millennium & Copthorne Hotels New Zealand (NZE:MCK) disclosed a takeover offer from majority owner CDL Hotels Holdings for NZ$2.25 per share. The company reached a 52-week high on Monday and was up nearly 19% at market close.