But the easy markets have been tapped. Now, McDonald’s is expanding beyond the bustling Londons and Moscows. As it does, margins are dropping---from 20.5% in 19.1% last year in overseas company-owned outlets. In each of the past two years, McDonald’s has badly missed its projection of 18% to 20% international earnings growth, falling shorts of 10% per year after accounting for currency fluctuations. In the fourth quarter, key markets such as Germany and Japan underperformed, largely because of local economic climates and a strong dollar. Overall, says analyst Dean T. Haskell of EVEREN Securities Inc., “the international story is not quite as good as McDonald’s would have you believe.”