We investigate the influence of the Coulomb interaction on the giant linear and photoinduced Faraday rotation in the bulk Cd_{1-x}Mn_{x}Te system. Experimental results are presented and discussed by calculating the complex dielectric function. The anisotropy and k-dependence of the magnetic spin-exchange interaction and the Coulomb interaction between optically excited bound and unbound electron-hole pairs are considered using a microscopic theory. At high excitation densities, the excitonic nonlinearities of the 1s transitions are investigated.
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