  In pump-probe experiments an intensive laser pulse creates non-equilibrium
excited electron distributions in the first few hundred femtoseconds after the
pulse. The influence of non-equilibrium electron distributions caused by a pump
laser on the apparent X-ray magnetic circular dichroism (XMCD) signal of Ni is
investigated theoretically here for the first time, considering electron
distributions immediately after the pulse as well as thermalized ones, that are
not in equilibrium with the lattice or spin systems. The XMCD signal is shown
not to be simply proportional to the spin momentum in these situations. The
computed spectra are compared to recent pump-probe XMCD experiments on Ni. We
find that the majority of experimentally observed features considered to be a
proof of ultrafast spin momentum transfer to the lattice can alternatively be
attributed to non-equilibrium electron distributions. Furthermore, we find the
XMCD sum rules for the atomic spin and orbital magnetic moment to remain valid,
even for the laser induced non-equilibrium electron distributions.
