Context :

Aims:4U0114 + 65 is one of the slowest known X-ray pulsars .
We present an analysis of a pointed observation by the XMM-Newton X-ray telescope in order to study the nature of the X-ray pulsations and the accretion process , and to diagnose the physical properties of the donor ’ s stellar wind .

Methods : We analysed the energy-resolved light curve and the time-resolved X-ray spectra provided by the EPIC cameras on board XMM-Newton .
We also analysed the first high-resolution spectrum of this source provided by the Reflection Grating Spectrometer .

Results : An X-ray pulse of 9350 \pm 160 s was measured .
Comparison with previous measurements confirms the secular spin up of this source .
We successfully fit the pulse-phase-resolved spectra with Comptonisation models .
These models imply a very small ( r \sim 3 km ) and hot ( kT \sim 2 - 3 keV ) emitting region and therefore point to a hot spot over the neutron star ( NS ) surface as the most reliable explanation for the X-ray pulse .
The long NS spin period , the spin-up rate , and persistent X-ray emission can be explained within the theory of quasi-spherical settling accretion , which may indicate that the magnetic field is in the magnetar range .
Thus , 4U 0114 + 65 could be a wind-accreting magnetar .
We also observed two episodes of low luminosity .
The first was only observed in the low-energy light curve and can be explained as an absorption by a large over-dense structure in the wind of the B1 supergiant donor .
The second episode , which was deeper and affected all energies , may be due to temporal cessation of accretion onto one magnetic pole caused by non-spherical matter capture from the structured stellar wind .
The light curve displays two types of dips that are clearly seen during the high-flux intervals .
The short dips , with durations of tens of seconds , are produced through absorption by wind clumps .
The long dips , in turn , seem to be associated with the rarefied interclump medium .
From the analysis of the X-ray spectra , we found evidence of emission lines in the X-ray photoionised wind of the B1Ia donor .
The Fe K \alpha line was found to be highly variable and much weaker than in other X-ray binaries with supergiant donors .
The degree of wind clumping , measured through the covering fraction , was found to be much lower than in supergiant donor stars with earlier spectral types .

Conclusions : The XMM-Newton spectroscopy provided further support for the magnetar nature of the neutron star in 4U0114 + 65 .
The light curve presents dips that can be associated with clumps and the interclump medium in the stellar wind of the mass donor .