In a St James’ Park clash that had everything, the champions had raced into a fifth minute lead through Ilkay Gundogan only for the Magpies to go ahead before the break thanks to goals from Miguel Almiron and Callum Wilson.
A spectacular Kieran Trippier free-kick on 54 minutes further extended Newcastle’s advantage before two quickfire strikes from Erling Haaland and Bernardo Silva either side of the hour brought us back level.
Pep Guardiola's side also saw Haaland hit the post and carve out a number of other chances but, ultimately, we settled for a share of the spoils in what was a thrilling and absorbing clash that showcased English football at its vibrant, exciting best.
In front of a sell-out, noisy 52,000 crowd at St James’ Park against a hugely impressive side assembled by Eddie Howe, this promised to be our sternest test of the season yet.
However, City off to the perfect start, racing into a fifth minute as skipper Gundogan found the target for a second successive weekend.
The skipper was the initial architect finding Bernardo on the right flank before the Portuguese midfield marvel then showcased his supreme skill to weave and cut inside the Newcastle ranks before despatching a superb dipping ball into the heart of the box.
The onrushing Gundogan first trapped the assist before swivelling and despatching a crisp shot past Nick Pope from eight yards for what was the first goal conceded by the Magpies this season.
Only two smart saves by Pope then prevented City from doubling our lead in what was a thrilling opening 15 minutes.
First, the former Burnley keeper had to stay alert to deny De Bruyne after the Belgian had been sent clear in by Haaland’s astute ball
And Pope then repeated the feat moments later to keep out Phil Foden’s low drive.
City were relieved to see Almiron blaze a fine chance over the bar from 12 yards after Magpies dangerman Allan Saint-Maxim had created an inviting opening.
Ederson then had to be alert to keep out Saint-Maximin’s snap-shot after the French winger had fashioned half a yard of space as he burst into the box.
The hosts were a growing threat and on 29 minutes Eddie Howe’s side drew level as we conceded our first goal of the season with Almiron levelling.
Saint-Maximin evaded Rodrigo and Walker down the left before despatching a cross to the far post.
Almiron fell to his knees as he met the ball and it was a bizarre finish as he turned in the ball with his knee.
The effort was initially ruled out for offside but after a lengthy VAR check for offside, the strike was awarded.
Newcastle though were a constant threat pressing forward and their pressure saw the hosts strike again five minutes from the break through Calum Wilson with Saint-Maximin the architect again.
He launched another rapid left-wing sortie before picks out Wilson, who cuts inside Dias before stabbing the ball past Ederson from close range with the outside of his foot.
City needed a response after the break, and it almost arrived on 52 minutes through Haaland.
The City striker saw a fraction space and drove at the Magpies before cutting to his right and fizzing in an 18-yard drive that struck the foot of the post via Pope’s crucial touch.
Within 60 seconds however Newcastle stretched their advantage thanks to a stunning Trippier free-kick.
The former City youth star executed a unstoppable, curling free-kick into the top right hand corner of the net from 20 yards after Stones had brought down Saint-Maximin on the edge of the box.
Many teams would have crumbled at going two down. City though merely showed the resolve that is the stuff of champions and struck twice inside four minutes to draw level through Haaland and Bernardo
First, the Norwegian reacted quickest to volley home from close range on the hour after a quick short corner had caused havoc in the Newcastle box.
It was finish worthy of a classic encounter and there was yet more drama when referee Jarred Gillett showed Trippier a straight red card after the full-back went in late and high on De Bruyne.
However, after a subsequent VAR check the red card was rescinded to a yellow.
City looked the more likely side to claim a dramatic winner as time slipped away.
But, with Pope in inspired form, we were unable to force a dramatic winner with both sides settling for a point after a game that will live long in the memory.
Newcastle XI: Pope, Burn (Krafth 94), Botman, Schar, Trippier, Joelinton, Guimaraes, Willock (Longstaff 70), Saint-Maximin, Wilson (Wood 70), Almiron (Murphy 83)
Subs: Dubravka, Lascelles, Fraser, Ritchie, Anderson.
In fighting back to claim a draw, City became just the fourth side ever to avoid defeat in three straight Premier League matches when falling two or more goals behind, after Manchester United (Oct 1997), Liverpool (Dec 2008) and West Ham (Apr 2016).
Man of the match
Bernardo Silva was at his impish, inspirational best in what was a roller coaster of a match.
Restored to the starting line up, the Portuguese international set up Ilkay Gundogan for his early opener and then showed his class and composure to seal a second half fightback and draw us level.
Yet another reminder – if any were needed – of Bernardo’s brilliance.
"We could have not won today.
"Newcastle are becoming one of the toughest opponents for sure.
"Leeds beat Chelsea today. The Premier League is so difficult for everyone. It shows how amazing we’ve done for five years and how difficult it will be.
"To see the team fight to the end is enough."
What it means
The draw leaves City with seven points from three games and means we are second in the Premier League.
Arsenal lead the way with nine points from three games. Leeds, Tottenham and Brighton also have seven points but City have a superior goal difference to that trio.
City are next in action on Wednesday night, taking part in a charity fundraiser away to Barcelona, kick-off 8.30pm (BST), City then return to Premier League action next Saturday when we play host to Crystal Palace.
Kick-off at the Etihad against the Eagles is set for 3pm (BST).
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