LONDON—A flare up in U.S.–China tensions, signs of further regulatory crackdowns from Beijing, and a rise in short-dated U.S. Treasury yields doused the equity market rally on Wednesday, offsetting tailwinds from forecast-beating earnings on Wall Street. MSCI’s global equity benchmark is hovering close to Monday’s seven-week high and is on track for the best month in almost a year. However, European stocks softened, led by a 2 percent drop in mining and resource firms. Bank shares also slipped, with Deutsche Bank down 5 percent despite forecast-beating earnings. The losses started earlier in Asia, where tech stocks suffered hefty falls after China’s internet watchdog said it planned stricter registration rules for younger net users. Meanwhile, U.S. futures pointed to gains for Wall Street, with investors still in a chipper mood after Tuesday’s forecast-beating results from Google owner Alphabet Inc. and Microsoft Corp. “We have good U.S. data in earnings which is …