  In an XMM-Newton raster observation of the bright local group spiral galaxy
M33 we study the population of X-ray sources (X-ray binaries, supernova
remnants, super-shells) down to a 0.5-10 keV luminosity of 10^35 erg s^-1 --
more than a factor of 10 deeper than earlier ROSAT observations. EPIC spectra
and hardness ratios are used to distinguish between different source classes.
We confirmed the 3.45 d orbital light curve of the X-ray binary M33 X7,
detected a transient super-soft source in M33, and searched for short term
variability of the brighter sources. We characterize the diffuse X-ray
component that is correlated with the inner disk and spiral arms. We will
compare the results with other nearby galaxies.
