European share prices were little changed in thin trading on Monday as U.S. markets remained closed for the Independence Day holiday, although lingering uncertainty over the results of stress tests conducted on European banks hurt financial stocks.

The volume on the FTSEurofirst 300 index .FTEU3 of top European shares was just 15 percent of the index's 90-day average in the first three hours of trading. At 1050 GMT the index was up 0.1 percent at 970.82 points after hovering in a range of 967.84-975.28. It closed 0.1 percent higher in the previous session but had its worst weekly performance since May 21. Banks were among the top losers, with Barclays (BARC.L), Lloyds (LLOY.L), Royal Bank of Scotland (RBS.L) and Credit Agricole (CAGR.PA) down 1.1 to 1.6 percent.

"There is a certain amount of scepticism that the stress tests (on banks) will do anything because it will be either fudged or the complete results won't be published. What we need is clarity," said Felicity Smith, fund manager at Bedlam Asset Management.

French Economy Minister Christine Lagarde said on Sunday the stress-test results, to be published on July 23, will show that "banks in Europe are solid and healthy". [ID:nLDE66302I] But German magazine Der Spiegel said on Saturday European regulators were opposed to including a sovereign default scenario in the tests.

While some analysts have said the tests should restore confidence in the sector and lead to a recapitalisation of weaker banks, others have said the exact criteria of the sovereign stress scenario needs to be disclosed if the tests are to convince the market.