Manchester City are still considered favourites to win the Premier League despite falling six points off the pace, which has been set by Arsenal. But is the bookmakers’ assessment right, or is this Arsenal’s year? And what about Liverpool, who sit in second? Might third-place Aston Villa “do a Leicester” and shock them all? At the other end of the table, who might fall into the relegation scrap after Christmas?

This is the most exciting race the Premier League has seen in some time — a holiday gift for football fans, to be sure. So, here is my club-by-club view in alphabetical order of the way it looks this festive season.

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Arsenal: Their trip to Liverpool was a proper litmus test of their title ambitions and they scored early before digging in for an impressive 1-1 draw at Anfield. Last season’s disappointing near-miss has given them added steel this time, and the addition of Liverpool: Without hitting peak form, they are only a point off the top after their draw at home with leaders Arsenal. There’s a persistent sense that this new-look team under Jurgen Klopp have not quite gelled yet, and their misfiring 0-0 draw against Sheffield United: Chris Wilder’s return might just spark a revival of sorts. Certainly they showed new fight and resilience to end Aston Villa’s 100 per cent home record. But question marks over their lack of quality persist.

Tottenham Hotspur: The most enjoyable team to watch this season. Some of their fast flowing football has been breathtaking, and for that manager Ange Postecoglu deserves his exalted status with the Spurs fans. But he will hope they can win more than popularity contests come May. They concede a few too many goals.

West Ham United: The flair of Mohammed Kudus and Lucas Paquetá, allied to the threat of Jarrod Bowen, makes this a David Moyes’ team with a bit of X factor. Going well in Europe and the Premier League, disappointing to see Moyes field a weakened team for this week’s 5-1 League Cup quarterfinal defeat at Anfield. An opportunity thrown away there.

Wolverhampton Wanderers: They have beaten Manchester City and Spurs at Molineux and will carry more of a threat when winger Pedro Neto returns soon from injury. Poor away form and some atrocious luck with VAR is costing Gary O’Neil’s team a higher spot than 13th.