The recent accessibility of high quality, charge neutral monolayer transition metal dichalcogenides with narrow exciton linewidths at the homogeneous limit provides an ideal platform to study excitonic many-body interactions. In particular, the possibility to manipulate coherent exciton-exciton interactions, which govern the ultrafast nonlinear optical response, by applying an external magnetic field has not been considered so far. We address this discrepancy by presenting a nonlinear microscopic theory in the coherent limit for optical excitations in the presence of out-of-plane, in-plane, and tilted magnetic fields. Specifically, we explore the magnetic-field-induced exciton and biexciton fine structure and calculate their oscillator strengths based on a Heisenberg equations of motion formalism. Our microscopic evaluations of pump-probe spectra allow to interpret and predict coherent signatures in future wave-mixing experiments.