  We report the results of XMM-Newton observations of HD49798/RXJ0648.0-4418,
the only known X-ray binary consisting of a hot sub-dwarf and a white dwarf.
The white dwarf rotates very rapidly (P=13.2 s) and has a dynamically measured
mass of 1.28+/-0.05 M_sun. Its X-ray emission consists of a strongly pulsed,
soft component, well fit by a blackbody with kT~40 eV, accounting for most of
the luminosity, and a fainter hard power-law component (photon index ~1.6). A
luminosity of ~10^{32} erg/s is produced by accretion onto the white dwarf of
the helium-rich matter from the wind of the companion, which is one of the few
hot sub-dwarfs showing evidence of mass-loss. A search for optical pulsations
at the South African Astronomical Observatory 1.9-m telescope gave negative
results. X-rays were detected also during the white dwarf eclipse. This
emission, with luminosity 2x10^{30} erg/s, can be attributed to HD 49798 and
represents the first detection of a hot sub-dwarf star in the X-ray band.
HD49798/RXJ0648.0-4418 is a post-common envelope binary which most likely
originated from a pair of stars with masses ~8-10 M_sun. After the current
He-burning phase, HD 49798 will expand and reach the Roche-lobe, causing a
higher accretion rate onto the white dwarf which can reach the Chandrasekhar
limit. Considering the fast spin of the white dwarf, this could lead to the
formation of a millisecond pulsar. Alternatively, this system could be a Type
Ia supernova progenitor with the appealing characteristic of a short time
delay, being the descendent of relatively massive stars.
