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Experimental investigations of ultrafast magnetization dynamics increasinglyemploy resonant magnetic spectroscopy in the ultraviolet spectral range.Besides allowing to disentangle the element-specific transient response offunctional magnetic systems, these techniques also promise to access attosecondto few-femtosecond dynamics of spin excitations. Here, we report on asystematic study of transient magnetic circular dichroism (MCD) on thetransition metals Fe, Co and Ni as well as on a FeNi and GdFe alloy and reveala delayed onset between the electronic and magnetic response. Supported by\textit{ab-initio} calculations, we attribute our observation to a transientenergy shift of the absorption and MCD spectra at the corresponding elementalresonances due to non-equilibrium changes of electron occupations.

Distinct Ultrafast Electronic and Magnetic Response in M-edge Magnetic Circular Dichroism