  We present an XMM-Newton observation of NGC 7469, including studies of the
X-ray and UV variability, 0.2-10 keV spectral continuum, Fe K-alpha emission
line and the first-ever high-resolution X-ray spectrum of the soft X-ray warm
absorber. We compare the properties of this X-ray warm absorber with the UV
warm absorber as seen in a FUSE observation one year previously. The 0.2-10 keV
spectral continuum is best fitted by a power-law plus two blackbody model. An
Fe K-alpha emission line is visible which consists of a single narrow component
and is well-modelled by a simple gaussian. Narrow absorption and emission lines
in the soft X-ray RGS spectrum demonstrate the existence of a multi-phase warm
absorber with a range in log xi of ~ 2 to ~ -2 where xi is in erg cm s^-1. The
warm absorber is blueshifted by several hundred km s^-1. The highest-ionisation
phase of the absorber is the best constrained and has an overall equivalent
Hydrogen column of order 10^20 cm^-2; we find that its ionisation parameter is
consistent with that of the warm emitter which generates the narrow emission
lines. We identify this high ionisation absorber with the low-velocity phase of
the UV absorber observed by FUSE.

Astrophysics