It happens in new Xcode7 beta:
CompileAssetCatalog /Users/admin/Library/Developer/Xcode/DerivedData/InstaAd-ddgdnbxlpxipirebpndfmgrxspel/Build/Products/Debug-iph
I had the same issue with Xcode V7b6 and JPG images in assets. Strangely this was working for some JPGs but not for others.
Then I've looked at the JPGs and their color profile, exif data and other meta stuff and indeed removing these data (via GraphicConverter) solved it for us and Xcode now builds fine.