  We study the influence of Coulomb correlations on spectral and magnetic
properties of fcc cobalt using a combination of density functional theory and
dynamical mean-field theory. The computed uniform and local magnetic
susceptibilities obey the Curie-Weiss law, which, as we demonstrate, occurs due
to the partial formation of local magnetic moments. We find that the lifetime
of these moments in cobalt is significantly less than in bcc iron, suggesting a
more itinerant magnetism in cobalt. In contrast to the bcc iron, the obtained
electronic self-energies exhibit a quasiparticle shape with the quasiparticle
mass enhancement factor ${m^*/m}\sim$1.8, corresponding to moderately
correlated metal. Finally, our calculations reveal that the static magnetic
susceptibility of cobalt is dominated by ferromagnetic correlations, as
evidenced by its momentum dependence.
