It happens in new Xcode7 beta:
CompileAssetCatalog /Users/admin/Library/Developer/Xcode/DerivedData/InstaAd-ddgdnbxlpxipirebpndfmgrxspel/Build/Products/Debug-iph
After all the suggestions also I couldn't get rid of this issue. I was getting this issue after my OS was updated.
It worked for me when I started removing xcode caches.
Specifically removing
~/Library/Caches/com.apple.dt.Xcode
~/Library/Caches/com.apple.dt.Xcode.ITunesSoftwareService
~/Library/Caches/com.apple.dt.Xcode.sourcecontrol.Git
I had to though remove and add needed simulators
Pdf files in image assets will cause this error. I use png files for @1x @2x @3x images and Xcode works fine.
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.
I was experiencing this issue as well, and replaced the XC Assets with plain .JPG files. Solved it for me.
However, I just installed the GM seed release of Xcode 7 and built with the XC assets catalog, and am no longer experiencing the error. So it appears to have been fixed.