Access Denied for external users with read permissions

We are using O365 and using classic teamsites. One of the classic teamsites has strange behaviour. This sitecollection allows external sharing. I give external user test@hotmail.com "read" permissions. When the user go's to the sitecollection it gives an Access Denied.

I did some investigation to the permission level "Read". When I enable the option "update listitem" the external users have succesfully access. But this is not what I want. Why do I have this strange behaviour?

When I create a new classic teamsite everything is working fine. It looks like there is something with this specific sitecollection. Maybe some feature or something?

This are the sitecollection sharing settings: