Magnetic short-range order above the Curie temperature of Fe and Ni

We report the results of time-dependent density-functional simulations of magnetic properties of Fe and Ni at finite temperatures. They reveal the existence of local moments in Ni above the Curie temperature, coupled to giant magnetic short-range order. In Fe the short-range order is also present to a lesser extent but spin-wave-like propagating and diffusive excitations persist in both materials in the paramagnetic state. The prevailing view of magnetic order in paramagnets should be reconsidered in light of these findings.