We present the first X-ray observation of Jupiter by XMM-Newton. Images taken with the EPIC cameras show prominent emission, essentially all confined to the 0.2-2.0 keV band, from the planets auroral spots; their spectra can be modelled with a combination of unresolved emission lines of highly ionised oxygen (OVII and OVIII), and a pseudo-continuum which may also be due to the superposition of many weak lines. A 2.8 sigma enhancement in the RGS spectrum at 21-22 A (~0.57 keV) is consistent with an OVII identification. Our spectral analysis supports the hypothesis that Jupiters auroral emissions originate from the capture and acceleration of solar wind ions in the planets magnetosphere, followed by X-ray production by charge exchange. The X-ray flux of the North spot is modulated at Jupiters rotation period. We do not detect evidence for the ~45 min X-ray oscillations observed by Chandra more than two years earlier. Emission from the equatorial regions of the planets disk is also observed. Its spectrum is consistent with that of scattered solar X-rays.