Alexander Isak, Matheus Cunha and others

If ever there was a game that made it abundantly clear what Arsenal need to do in the transfer market between now and the end of the month, it was the one we witnessed against Newcastle last night.

On the odds, it was a game Arsenal should have won. Quite comfortable actually. But in the end they lost with little whimpering.

Why? Because Mikel Arteta’s wasteful side could have played for hours without scoring one of the many chances that came their way during the first leg of the Carabao Cup semi-final, while at the other end Newcastle – and Alexander Isak in particular – taught them a lesson in the end.

Arteta lamented his team’s wastefulness after the 2-0 defeat. “If you look at what both teams produced, it’s not a result that reflects the story of the game. But the reality is they were super efficient with the chances they had and we weren’t.”

The fact is that it is nothing new. That is the story of the season for Arsenal. Yes, they scored a lot of goals and had some big wins. But there have also now been 13 games in all competitions where they have scored just one goal in a game or failed to score at all. That’s 13 games out of 30, just under half.

It is simply not good enough and paints a clear picture of the ineffectiveness of the team. They clearly lack a player with a killer instinct in front of goal.

Newcastle have one in Isaac. Arsenal don’t. It’s that simple. Isak showed everyone exactly what Arsenal were missing and it was impossible to ignore.

Stats from Opta showed that Arsenal closed the first leg of the semi-final with 3.12 expected goals, the highest figure recorded by a Premier League team this season in a game in which they failed to score.

Quite simply, if Arsenal had Isak on their side last night, they would now have one foot in the final. Instead, they face a painful exit from the semifinals and more questions about why they didn’t do more to add to their offense.

The need for at least one new attacking option is clear to all and if they don’t find one in this January transfer window, it’s hard to see them being able to go on and win the silverware that the manager, players and supporters crave.

You have to be clinical when the big moments come in the big games. If you’re not, then you’ll end up with nothing.

Arsenal took a big gamble in the summer when they resisted the urge to spend money on their attack. When Benjamin Sesko told them no, they had plenty of time to look for other options. But they decided to keep their money and go with what they already had, apart from adding Raheem Sterling on loan at the last minute, of course.

It’s a gamble that clearly backfired.

There are still three weeks of January left, but they have a chance to at least try to right the wrongs of the summer. If they don’t take advantage of that opportunity, it’s hard to see them having enough to get over the line in any competition they’re still eyeing.

So the end result of Arsenal’s interest in Matheus Cunha appears to be the Brazilian making a fat new contact with Wolves, albeit with a release clause inserted if the Midlands side are relegated.

That makes sense for Wolves, who will be able to demand a higher fee for their biggest asset, but it also makes sense for Cunha as it gives him a pay rise while also leaving him with a way out of Molineux if things go wrong in the future.

I don’t see why this new contract would rule out a move to Arsenal in the summer. I think Cunha looks ready to move to one of the top clubs, be it Arsenal or someone else, and I’m sure it will happen soon.

In a way, it is somewhat similar to the situation with Benjamin Seska. He also signed a new deal last summer when Arsenal wanted him, but that hasn’t put an end to Arsenal’s interest in the RB Leipzig striker and I wouldn’t be shocked if they revisit a possible move for him at some point.

Arsenal already have their plans for the summer window. Mikel Arteta traveled to the United States before Christmas along with interim sporting director Jason Ayta and managing director Richard Garlick to meet the Kroenkes to outline their hopes for the summer.

The big thing now is whether Arsenal can fast-track any of those plans and bring them through to this month, as they desperately need at least one new signing for the second half of the campaign.

Even if it means overpaying to get the deal done now instead of waiting for the summer, I think it would be worth it given Bukaya Saka’s injury and some of the other issues the team is facing.

I loved the way Ethan Nwaneri scored his goal against Brighton on Saturday.

The intent he showed when he pounced on Mikel Merino’s pass was truly impressive. He showed real initiative and drive to get into the penalty area and take a shot.

Some players his age might have wanted to shift the responsibility to someone else in that situation, but not Nwaneri. He supported himself and got his reward.

To be honest, I don’t think he had his best performance apart from that moment. I’m not sure if he was hampered a bit by the injury that forced him to leave at half time, but he struggled to control his defender throughout the first half.

He received the ball a few times in some decent positions, but never looked like beating his man in a one-on-one situation.

We don’t yet know how long Nwaneri will be out with this injury he picked up, but Mikel Arteta’s post-match comments didn’t sound too promising.

Hopefully he won’t be sidelined for too long as he has shown he can make things happen down the right in the absence of Bukaya Saka.

He had a great game against Brentford and although he struggled a bit at Brighton, he still made an impact when he got a glimpse of the goal.

And that’s what Arsenal need. Everyone has to contribute while Saka is out and Nwaneri has now proven he can do that, whether it’s his delivery from outside or his ability to score himself.

I don’t think it can be said that he has to be ‘first choice’ all the time to replace Saka. It’s just too much for a 17-year-old, mentally and physically really.

The fact that he has just picked up a muscle problem after starting two consecutive Premier League games is a good example of this.

It still needs to be managed carefully. But when he is fit, it is clear that he has a big role to play between now and the end of the season.

Thomas Partey’s contract situation looks set to become a source of real debate as the season progresses.

Partey has shown with his performances this season that he can still play at the highest level and perhaps more importantly, he has shown that his body can still withstand the demands of a Premier League season.

But he will be 32 by the start of next season, so I can understand why Arsenal would be hesitant to offer him a big new deal.

He is one of the club’s top earners and his past injury history is enough to suggest an extension for the midfielder would be a risk.

I think a large part of what will happen will revolve around Partey himself. He is likely to receive offers from abroad that will be far more lucrative and far longer than what Arsenal will offer him, if they decide to offer him new terms at all.

That will leave him with a big decision to make as he approaches the later stages of his career.

I know Partey is happy at Arsenal, but that doesn’t mean he will stay if he gets a better offer elsewhere.

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However, what his performances this season have shown is that when fully fit he can still play a major role in this Arsenal team.

He was Arsenal’s best midfielder, there’s no doubt about that, and that’s why there’s always a lot of frustration among fans when Mikel Arteta asks him to fill in at right-back.

Arsenal need to shake things up a bit in midfield. Like Partey, Jorginho’s contract will expire in the summer and I think he will definitely leave.

Mikel Merino has come in and done well, but the jury is still out on that signing. He’s a neat player and I think there’s still a lot more to come from him, but it’s been a slow start to his Arsenal career and he needs to show he can have a bigger impact on games when he plays, especially in the final third.

I haven’t seen enough of him yet to think he can definitely become a starter in the next few seasons. An important team player, yes. But nothing more than that.

So there is certainly a need for at least one new addition in the central areas over the next few windows, even if Partey ends up staying.