UK stocks head for higher open amid best run in 8 years; European markets closed for May Day

1. U.S. economy shrank 0.3% in Q1, impacting investor sentiment. 2. President Trump announced 10% tariffs on imported goods from the UK. 3. European markets initially rallied despite ongoing concerns over U.S. tariffs. 4. Bank stocks performed well; focus shifted to defensives in U.S. markets. 5. Big Tech earnings beats from Meta and Microsoft boosted U.S. futures.