Asset managers, including Pimco, are piling into eurozone bonds, betting that the European Central Bank will beef up its programme of quantitative easing in the wake of the US Federal Reserve’s decision to leave interest rates on hold.

Investors say the ECB is under pressure to boost its €60 billion ($66 billion)-a-month bond-buying programme, launched in March, to combat the effect of the Fed decision and concerns about the impact of China's cooling economy on global growth.