They are at least good with selling players for good sums this summer. As far as I can see, they have made 76 million euros from Elliot Anderson and Minteh until now. As for signings, Lewis Hall and Odysseas Vlachodimos are the only names I see.
I know they aren't very successful so it is also a factor for big names not to lean towards a deal with them. But they can still attract many other skilled players with paying nice sums to improve the squad.
Newcastle is still focusing on facing the Pre-season match soon. I know that that people are worrying about how Newcastle is slowly moving during the summer transfer season, but there's nothing to feel worry about this. Howe tries to ensure Newcastle is recruiting the right player to the club. I think they can still compete even with almost same squad as last season.
It is reported that Eddie will recruit several players but their performance is very quiet or does not look more active compared to other teams. The decline in their performance last season should be a big evaluation for management in this transfer market. If we rely on a squad like last season, I think Newcastle United will have difficulty competing with Manchester City, Arsenal and Liverpool.