Trump reiterates Iran stance with no new signals. Markets tilt cautiously risk-off.Summary:Trump declares Iran operation largely successfulSignals potential exit within 2-3 weeks (unchanged) but keeps strike option openNo new clarity on Hormuz reopeningCeasefire messaging remains inconsistentNo confirmation of ground troop deploymentMarket reaction reflects mild risk-off toneUS President Trump’s latest address on the Iran conflict largely reiterated existing policy signals, offering little in the way of fresh direction for markets while reinforcing a “mission nearly complete” narrative. Trump spoke without adding new info, still a 2-3 timeline, no ground war announcedTrump address: Going to hit Iran very hard over the next 2-3weeksTrump framed US operations as broadly successful, pointing to significant degradation of Iran’s military capabilities and suggesting that primary objectives have largely been achieved. He indicated that US involvement could wind down within the coming weeks, though maintained flexibility for further targeted strikes if required, preserving an element of strategic optionality.Crucially, there was no meaningful update on efforts to reopen the Strait of Hormuz, leaving one of the key market-sensitive issues unresolved. Similarly, while Trump suggested Iran may be seeking a ceasefire, Tehran continues to publicly deny engaging in direct negotiations, highlighting ongoing divergence in messaging between the two sides.Earlier speculation around the potential deployment of US ground troops was not addressed or confirmed in the speech, removing a key escalation risk that had circulated in markets ahead of the address.Overall, the speech appeared geared toward reinforcing domestic confidence and signalling progress without materially altering the trajectory of the conflict. For markets, the lack of a clear de-escalation framework or concrete next steps on Hormuz suggests that geopolitical risk remains embedded.Market reaction leaned modestly risk-off following the speech. As I said earlier In that first linked post above)Market movement over the previous 2 days were hinged on an announcement of him pulling out. Not yet though.And so those prior 2 days moves being faded now. The US dollar strengthened against major currencies, with the euro, sterling, Australian and New Zealand dollars all softer, while USD/JPY edged higher. Equity futures for the S&P 500 and Nasdaq moved lower, oil prices ticked higher, and gold eased, reflecting a mixed but cautious response as investors digested the absence of a definitive shift in the geopolitical outlook. 2 - 3 weeks ... This article was written by Eamonn Sheridan at investinglive.com.