President-elect Barack Obama takes his first major step toward addressing the US financial crisis yesterday, presenting the team that will steer his economic policies and navigate a potentially deep recession.

Obama, who takes over for President George W. Bush on Jan 20, announces his appointments at an 11 am news conference, with financial markets watching for specifics about his plans to stimulate the economy and save jobs.

Obama also is likely to be quizzed about his thoughts on bailing out US auto producers and other companies in his first economic test since winning the Nov 4 election.