Weekend Santa is back to Destiny 2, bringing highly useful Exotic weapon and armour piece for Titans, a decent one for the Hunters and a situational piece for Warlocks.
Xur is located on Io this week. If you don't know his location, just pop up at the Giant Scar waypoint and go straight until you reach an opening in the building in front of you. Go through the passage, take the left path and follow it until you reach the tiny cave with the regional chest in it. For reference, the chest is marked as a cross on the map. Xur is standing next to it.
Crimson is the weapon you are getting this week. Pretending to be a hand cannon, it's actually a mid-range pulse rifle in disguise that heals when you land a killing blow with it. Landing a precision hit killing blow will top off your magazine, making the weapon highly useful for clearing hordes of minor enemies. There are uses for Crimson in the Crucible as well but you have to be mindful of the damage dropoff since it loses to actual pulse rifles at longer ranges.
Titans are getting Mk. 44 Stand Asides this week. They are each punch aficionado's wet dream as they improve Seismic Strike, Hammer Strike and Shield Bash. Hitting with any of these abilities will return roughly half of their energy while sprinting with full HP will grant an overshield. It's a match made in crayon heaven.
Hunters are getting The Dragon's Shadow which is great utility Exotic. It will cause your dodge to reload the equipped weapon on top of granting bonus movement, reload speed and handling for a short time. Pairing this with Gambler's Dodge will effectively make your class ability have benefits of both dodge variations. Slap this bad boy on top of an Ace of Spades and enjoy the weapon like never before.
Warlocks are getting Starfire Protocol, which is useful for builds that are made for looping ability spam. It will grant an additional Fusion Grenade charge and kills with the ability will charge your rift energy. This can be useful in some PvE activities but that's about it.