Jan 27 (Reuters) - The main Spanish selective closed its fourth consecutive week on the rise, setting new fourteen-month highs and remaining above 9,000 points, with an eye on the corporate results season and the central bank meetings scheduled for next week.

The latest macroeconomic data reflect a more resilient-than-expected economic downturn and a gradual slowdown in the escalation of prices.

The US private consumption deflator, one of the Federal Reserve's favorite indicators of whether the rising cost of money is having an effect, came in line with expectations, moderating to 4.4% in December from 4.7% the previous month in its year-on-year variation.

The strong enthusiasm that set in on European trading floors at the start of 2023 remains solid, with the Ibex appreciating nearly 10% year-to-date with just two sessions left to close the month, its best monthly performance since November 2020.

"The market is euphoric and has recovered very sharply, assessing that a possible recession will be less severe than imagined, although interest rates will continue to rise, as inflation is still not under control," said Javier Molina, analyst at eToro.

However, in a long-term scenario, there is no consensus among analysts. There are some who are wary of the rise in equities and believe that the slowdown in rate hikes may be temporary. "The war on inflation is not over and it would not be surprising if some banks pause and then hike again later," said Bank of America analysts in a note.

Within the Spanish index, the bank Sabadell extended its gains to 5.24%, after presenting better-than-expected results the day before. On the downside, Solaria fell 3.54%, after obtaining environmental approvals on Thursday that could add pressure on solar energy prices, according to UBS in a note.

Spain's selective Ibex-35 stock market closed up 24.60 points on Friday, up 0.27%, at 9,060.20 points, its highest level since the close on Nov. 15, 2021.

Meanwhile, the FTSE Eurofirst 300 index of large European stocks rose 0.17%.

In the banking sector, Santander lost 0.70%, BBVA scored 0.26%, Caixabank advanced 1.15%, Bankinter appreciated 0.06% and Unicaja Banco rose 1.62%.

Among the large non-financial stocks, Telefónica gained 0.87%, Inditex advanced 0.35%, Iberdrola dropped 0.37%, Cellnex gained 1.46% and the oil company Repsol rose 0.56%.

(Information by Matteo Allievi; edited by Flora Gómez)