Squawk Box anchors discuss Washington's reprieve for Huawei, as the U.S. government allows the Chinese smartphone maker to keep buying U.S. goods to maintain current networks and software for the next three months. Chip-makers and Asian equity markets have rebounded on the news, as it raises hopes of easing trade tensions between Beijing and Washington. U.S. Federal Reserve Chairman Jerome Powell has warned that business debt is on the rise but says the broader financial system is robust enough to weather the challenge. Speaking to CNBC exclusively, Atlanta Federal Reserve President Raphael Bostic says a rate hike is unlikely in the autumn. Staying in the U.S., the T-Mobile-Sprint merger gets the thumbs-up from the communications regulator but it now goes up before the DOJ. And, Silvia Amaro reports from Brussels, as Europe prepares to head to the polls in parliamentary elections in two days' time.

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